Council bosses have given their approval to proposals to set up a housing company owned by the authority.
Hastings Borough Council’s cabinet committee discussed the plans at a recent meeting and agreed in principle that a new firm be created to meet housing needs in the borough.
The proposals will be subject to final approval by full council.
A report by Andrew Palmer, the council’s assistant director for housing and built environment, was presented to the cabinet committee on December 5.
It said: “The proposed company would be designed to both acquire existing property and to develop new or refurbished homes on land owned or acquired by the council.
“However, the initial focus would be on the acquisition of newly built or existing housing in the borough.
“There is widespread acknowledgement that there is a national and local housing crisis with demand for homes far outstripping supply.
“The council recognises people need homes with security that allows them to establish roots in their communities. The council believes neighbourhoods are at their strongest when they are genuinely mixed and diverse.
“Housing needs to be available to meet a range of incomes. This is important not only to meet the needs of existing residents but also to attract business and skills necessary for the continued regeneration of the town.
“Developing homes for market or sub market rents will complement the existing housing market and potentially reduce pressure on affordable rented homes provided by housing associations for which there is also an acute shortage.”
Councillor Kim Forward, Hastings Borough Council’s lead member for housing, said: “I am very pleased there is an agreement in principle to establish a housing company which will help us with our housing need and offer the opportunity to generate income, both of which are priorities for the council.”
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