Funding of additional affordable rented accommodation in West Lancashire

Descriptions

West Lancashire Borough Council is keen to increase the supply of affordable housing in the Borough, and is seeking to establish the potential interest from the market in the provision of public or private funding to support the delivery of additional affordable rented accommodation. The Council currently retains capital receipts from Council properties which are sold through Right to Buy arrangements. Retained capital receipts must be used to increase the supply of affordable rented housing. This may occur through new build or acquisitions of existing property, however, no more than 30% of the retained capital receipt can be applied to each unit / overall development costs. The Council is therefore interested in securing public or private funding from organisations to develop affordable housing with the organisation providing the required 70% funding.