More than 140 homes could be built in the next two years by a new housing company owned by South Holland District Council.
The £15.2million project – funded by loans and £2.621million from council reserves – is expected to boost growth in the local economy and create jobs. The homes would be for a mixture of sale and rent.
The aims of the company include addressing a growing need for housing (upto 600 new homes are required every year for the next 21 years), stimulating an improvement in rental accommodation and generating income for the council.
Coun Christine Lawton, portfolio holder for housing landlord, said: “This is fantastic news and marks the start of a new era for home building across the district.
“We are acting now as the population of South Holland grows so we are in position to meet rising demand for good quality homes whilst continuing to provide services that our residents rely on.”
At last week’s council meeting when members approved the move, Coun Michael Booth said: “It’s what we need in South Holland. What we have got to try to do is keep the young here.”
Coun Bryan Alcock sounded a note of caution about the business case for the company.
He said: “It’s an extremely brave venture that does have some risks. Certain aspects leave concerns – not grave concerns.”
He was assured that the draft business plan would be scrutinised by cabinet and full council.
South Holland District Council wants suggestions of a name for its new housing company.
Councillors are keen to engage people as the new company takes off and hope running a competition in The Voice and Lincolnshire Free Press to name it will do so.
It is hoped that schools and colleges will encourage students to enter.
The winning name must be original, as it will be officially registered.
To enter, email firstname.lastname@example.org with your suggestion, name, address and contact number.
The council will sort a closing date and prize after the May 7 elections.