The council cabinet approved to initiate a completely owned company (Woc) to contribute housing which was a vital assurance in the Labour group’s election manifesto during the cabinet meeting last week.
Haringey council setting up its own company to build homes signifies that the council will be able to loan additional Money to construct affordable homes and use possible profits to fund extra housebuilding.
Essentially, Woc will only be capable to pursue small-scale projects of up to 150 homes, however, the council aims to commence larger projects as it requires expertise and sources.
Establishing the company will assist the council to achieve its target of building almost 1,000 homes at council rents by 2022. By which, this will ensure that the homes stay within the council’s ownership.
The deal would ensure 6,000 homes within 20 years however, it has been asserted that tenants on estates slated for demolition would be rehoused in affordable homes.
Cabinet member for housing and estate renewal Cllr Emine Ibrahim emphasized that the Woc is “a clear move to change the direction of housing in Haringey”.
She further stated: “Providing good quality, affordable housing is at the very heart of this cabinet’s vision and by setting up our own company, we are ensuring that we have the power and tools to deliver homes that are genuinely accessible to all.”