Wolverhampton set for more than 800 new homes in £40m project
More than 800 new homes will be built in Wolverhampton over the next four years, council bosses have said.
The council will deliver the homes through its new housing company, WV Living. A plan for the company will go before full council tomorrow and, if approved, it will start trading shortly after.
WV Living will be backed by up to £40 million of investment of council loans, which will be paid back to the council at a commercial rate.
The company will borrow from the £40m pot as and when required to fund its costs, repaying the council from income made through the sale and rental of homes. Deputy council leader, Councillor Peter Bilson, said: "The aim is to boost the new-build housing market in the city and a very prudent approach has been taken to the WV Living business plan.
"It has been based on the highest industry standards, stress tested and contingencies put in place. It is not there to compete with private sector developers but to add to the housing offer in the city by identifying alternative sites.
"It will also provide new market rented homes for families who cannot afford a deposit, which is not currently available."
