Lambeth loans £300m to own housing company
Mon 29th January 2018, 2:02 pm
Lambeth Council has agreed to loan £300 million to its wholly owned housing company, Homes for Lambeth.
The funds will be used by the company to enter into development contracts to deliver more affordable homes than otherwise would have been possible through a joint venture partnership.
Profits or surpluses will be recycled back into the company to deliver homes, which will be allocated as affordable.
Over the past few years, setting up a wholly owned housing company is becoming widespread practice among local authorities. Other London boroughs to do so include Ealing, Barking and Dagenham and Newham.
At Sitematch London on 8 February 2018 a briefing session will take place discussing how council owned housing companies can speed up the delivery of new homes. If you are interested in attending this session, contact Josie Brewer on 020 7978 6840.