Greater Manchester Pension Fund (GMPF) has loaned £31.3m to developer Placefirst to help construct much-needed housing in the North West.

The award-winning single-family rental and build-to-rent developer-operator will utilise the fund for two Build to Rent (BTR) schemes in Bolton and Halifax town centres.

The Bolton project has received £22.6m for the delivery of 167 one and two-bedroom units. Previously a brownfield site, the 1.1-hectare site will also offer around 5,000 sq ft of commercial space on the ground floor, communal green areas and a new public square within the scheme.

Placefirst is transforming a brownfield site at Central Street into a new neighbourhood offering a mixture of apartments and town houses for long-term rent.

It is just one of several regeneration projects currently underway as part of Bolton Council’s ongoing work to make the town centre a more exciting and vibrant place to live, work and visit.

The Halifax project, which proposes to convert a former multi-storey car park into residential units, has received £8.75mn of the loan.

Cllr Gerald Cooney, chair of GMPF, said: "As a leader of a council as well as a chair of a pension fund I know the depth of the housing crisis in which we find ourselves as a nation.

"That’s why we are proud to make this investment with Placefirst and support the Government’s plan to provide much needed affordable homes for hardworking families whilst delivering strong low risk returns to pay the pensions of our hardworking members."

David Mawson, chief executive for Placefirst, said: "This GMPF loan is a testament to the social and economic benefits our developments have been proven to deliver for local communities.

"From encouraging wider investment into the area to helping communities connect, our developments offer long-standing value."

Both housing projects are presently under construction, with completion projected in 2025.

Once finished, Placefirst will stay on site to oversee all aspects of the neighbourhood.