Plans to expand council house building in East London
- 11 Dec
Waltham Forest Council is considering setting up a council owned company as it plans a programme of house building.
Funding has been secured by the local authority and sites for 435 new homes have been established which will be implemented by 2018.
It already has £9.7m allocated in grant for the 2015/18 affordable homes programme, a loan facility of £7m from the Department for Communities and Local Government and £3m in retained Right to Buy receipts. The grant will support the construction of 387 new council homes, while the £7m additional borrowing will be used along with £3m of retained Right to Buy receipts to build 48 new homes on council garage sites.
Furthermore, investigations have been set into building a company or special purpose vehicle to build new homes, allowing for flexibility on strict rules limiting council borrowing against housing stock.
Various other local authorities have used this strategy to support building programmes also.
Khevyn Limbajee, cabinet member for housing at Waltham Forest stated, ‘We are significantly expanding the scope of our ambitions in order to see more homes built in the borough. We already work very closely with housing associations, developers and others to ensure the right kinds of new homes are built in Waltham Forest, but we recognised that the scale of development was simply not keeping pace (with demand)'.
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