Newport Housing Trust is funding a the construction of more than 50 retirement apartments in Treberth Crescent that could start work in the spring if planning permission is granted.
The whole project is worth in excess of £8 million and planned facilities for the site include a restaurant, fitness suite and hairdresser. It is hoped work will start in the Spring and that the site will be finished by late 2011.Already, a Community Living Club was also set up by the trust which now has 250 households as members.
The scheme will allow owners to transfer the equity from their current home to the apartments so they can purchase a 75 per cent equity stake at a cost of around £150,000.
The remaining 25 per cent will then be made available through a payment free loan from the trust.
Chief Executive of the trust, Phil Toms said: “This is all about delivering a service to older people which they are asking for.”
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