New council hosing company for South Cambridgeshire
Cllr Mark Howell
A new company has been set up by South Cambridgeshire District Council (SCDC) so hundreds of homes can be bought, built, sold and rented across the district.
South Cambs Limited is an arms-length company from SCDC that will allow housing bosses to buy, build and sell properties at market prices so profits can contribute to the running of SCSC services.
Councillors approved the innovative approach as part of the Council’s housing strategy at a cabinet meeting last year.
The company will enable SCDC to operate in a more commercial manner whilst still retaining a public sector ethos.
Establishing a separate trading company will allow SCDC to work within regulations which prevent local authorities from selling services to the private sector.
South Cambs Limited will operate in conjunction with the biggest building programme of new council houses since the 1950s which will see up to £28 million invested within the next ten years to provide hundreds of much-needed new homes for people on the housing waiting list and future generations.
The first homes to be purchased by South Cambs Limited are expected later this year.
Cllr Mark Howell, SCDC cabinet member for housing, said: “We must continue to be innovative to make sure we deliver the best results for residents and the new company will give us the flexibility needed to maximise results.
“This company will allow us to reinvest more money in housing and other Council services.”
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Thursday 23 May 2013
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