Sheriff Hill
This led to the building of the first council housing estate in Gateshead. Alderman Hodkin laid the foundation stone on 27 October 1920; as work commenced the Alderman demonstrated the authority's concerns, telling the local newspaper that: "we can build houses, but we cannot build homes. Only the people themselves can do that and I hope that the spirit of ‘esprit de corps’ will prevail and this will be a model estate" Demand was highthere were 427 applicants for the first twenty eight houses builtand the council built further tracts of housing in a broad triangle between Sodhouse Bank, Ermine Crescent and The Avenue, although central government withdrew its promised funding. By 1936, most of the social housing available as of 2012 was in existence and provides accommodation to over half of the population of the suburb.
Construction loan
A construction loan (also called a home construction loan in the United States and self-build mortgage in the United Kingdom) is any value added loan where the proceeds are used to finance construction of some kind. In the United States Financial Services industry, however, a construction loan is a more specific type of loan, designed for construction and containing features such as interest reserves, where repayment ability may be based on something that can only occur when the project is built. Thus, the defining features of these loans are special monitoring and guidelines above normal loan guidelines to ensure that the project is completed so that repayment can begin to take place.