Councillors have approved the launch of a £6 million loan fund which will help to build more affordable homes across South Lakeland.
The loan facility will enable housing associations to access low rate finance from South Lakeland District Council (SLDC) and remove an obstacle which may be preventing them from developing more housing in the area. In exchange the council will receive a financial return from repayment of the loans and fulfil its pledge to work with partners to deliver affordable homes which local communities need.
A spokesperson for SLDC said: “This is a win for residents who need homes they can afford, a win for housing associations, a win for council tax payers because this is efficient use of money the council already has and it’s a win for the local economy.”
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