The Council proposes to set up a Local Housing Company with a developer partner. The aims are to speed up the building of new houses, increase the number of affordable houses being built, make sure the homes are high quality, and improve the area in which they are built. Up to 50% of the new properties would be affordable, either to rent or for shared ownership.
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Today's Cabinet meeting will decide whether to start the process to find a developer to set up the company with. The way the company would be set up is that the Council would invest land in the company and a private sector partner would invest money to match the value of the land the Council puts in. If necessary, the company would then borrow money to fund house building. The profits and risks would be shared equally between the Council and its partner.
Councillor Bob McCann, Cabinet Member for Housing, and Safer, Sustainable Communities said: "A Local Housing Company is a great way to ensure that the Council and local communities have more of a say over the homes built in their area. We'd be able to determine the quality, size, and type of properties built. It would mean more affordable housing right across Sheffield, and any profits could be used to improve the local area."
(CD/JM)
