The new homes are in addition to the 1,745 already planned in its 2015/18 Affordable Homes Programme. The 25% increase follows an additional allocation of £13.4m from the Homes & Communities Agency (HCA).
JV North is made up of 10 social housing landlords in Lancashire and Merseyside, who are adding an extra £30.8m of investment from their own resources for the increased build programme.
Members - made up of landlords in Greater Manchester, Liverpool and Preston - will supplement this with.
It means that overall, JV North will now build 2,174 homes in the 2015/18 programme and has received grant of £48.2m from the HCA. In total, consortium members will invest £192.7m and the programme value is now £240.9m.
Latest figures show that JV North has completed 220 new homes so far in the 2015/18 Affordable Homes Programme (representing a spend of £16.3m) and consortium members have started on site building a further 671 properties.
JV North chairman Nigel Wilson, who is also chief executive of Wythenshawe Community Housing Group, said: “The speed at which members are delivering homes in the 2015/18 Affordable Homes Programme is excellent. Even better news is that our ability to deliver and commitment to building has been recognised by the HCA and we’ve received additional grant of £13.4m to build 429 more homes – a really significant increase.
“It stems from good management and delivery that spans many years. Members completed their allocations ahead of schedule in the 2011/15 programme and this enabled them to drawdown funding early in this round, which is why 220 homes have been completed already.”