Cambridgeshire council invests £7million to kick-start housing scheme
PUBLISHED: 10:13 04 December 2013 | UPDATED: 10:28 04 December 2013
A council is investing £7million to provide more affordable housing in South Cambridgeshire.
South Cambridgeshire District Council will use the money to kick-start a property company set up by the district council to help meet the demand for good quality rental properties in the area
The initial investment will see the housing company, registered last year under the name South Cambs Ltd, get off the ground with a pilot scheme and property portfolio of up to 40 homes in the next two years.
Income from the properties will be used to protect council services in the event of more public spending cuts.
Cllr Mark Howell, South Cambridgeshire District Council’s cabinet member for housing, said: “This investment is great news for our residents as the annual income generated will be used to support other services they rely on, and protect us from some of the future cuts in funding by government.
“We have already driven down our costs with efficiency savings in excess of £4 million, and if we can be innovative and generate income it will reduce the need to make cuts we are working hard to avoid wherever possible.
“Councillors have a wealth of knowledge about their area and by setting up an advisory group we will be able to draw on this.”