Up to 66 new affordable properties are set to be built in Mansfield under a new scheme aimed at making it easier for people to buy their own homes.
Mansfield District Council will with Quality Social Housing Management to redevelop a four-acre site off Princes Street, Mansfield.
Mansfield Mayor Tony Egginton took the decision on Tuesday 3rd June, which is subject to approval by the council on 17th June, a spokesman said.
The new development will comprise rent to buy properties at affordable or market rents, where 50 per cent of tenants’ rent goes towards creating a deposit and credit history with the option to purchase. There will also be homes for rent, which will provide good quality rental properties for investors and housing providers, the authority said.
The Council plans to purchase up to 13 homes through its housing revenue account when resources are available.
The authority will act as the managing agent in return for a management and maintenance fee, which covers operational costs over the term of the scheme. The agreed term is five years, which is extendable up to a total of 20 years.
Mr Egginton said: “This is an exciting opportunity to provide much-needed low cost family homes to buy and to rent.
“The scheme will boost home ownership, creating a mix of housing and a more sustainable community.”