A plan to set up a new housing company to provide hundreds of cheaper homes to rent and buy in Milton Keynes is set to be approved next week.
The council's ruling Lib Dem and Labour Progressive Alliance is set to approve the multi million pound proposal that could help numerous local families.
The new Milton Keynes Housing Company (MKHC) would be run as a subsidiary of Milton Keynes Development Partnership, which is the council's business arm and sells off land and assets for development all over the borough.
Council-owned land will be used at first to develop the homes and the unit cost will be around £180K.
Labour councillor and Cabinet member Cllr Rob Middleton said MK Council was committed to developing hundreds of genuinely affordable homes, including council housing, affordable rents and other low-cost affordable housing, as well as implementing high design and sustainability standards.
MKHC will have "affordability and sustainability" as its main aim, he said
“The Progressive Alliance wants Milton Keynes to be a place where local families can live in good homes that are genuinely affordable – the local housing company will help make this a reality.
“Milton Keynes Council is very fortunate to own land, and rather than sell it to developers, creating a local housing company will allow us to prioritise local families, affordable homes and social value, making sure it really delivers for the people of Milton Keynes.”
It is hoped the new company can apply for a grant from Homes England to help finance the plan.
MKHC will be established as a subsidiary of Milton Keynes Development Partnership rather than as a separate entity reporting directly into the council. This will be in the form of a not-for-profit company. limited by guarantee.
Cllr Middleton said: “Affordable housing is at the heart of our Council Plan, and I’m pleased that this decision will help us achieve even more good-quality and affordable homes in our borough.”