Councillors in Rushmoor borough have approved a five-year business plan ahead of the formation of the authority’s own housing company.
Rushmoor Homes Ltd will bring 57 new council homes to Aldershot and Farnborough, following the plan’s approval at a meeting of the full council on February 20.
Rushmoor Borough Council first approved the creation of a wholly-owned limited company in April 2019 and a shadow board of directors has been meeting since.
The new company will borrow £11.3 million from the council and repay the loan with rents.
The new homes will be spread across 15 sites in Aldershot and Farnborough. Sites in Arthur Street, Aldershot, and Ship Lane, Farnborough will start the roll out.
Cabinet member for major projects and property, Cllr Martin Tennant, said: “These are exciting times – this is the last hurdle in getting this housing company going.
“Our ambition has always been to develop good quality, private rented homes for residents, which are in short supply, and setting up this housing company will enable us to do this.”
Leader, Cllr David Clifford, said: “One of the reasons we decided to set up a housing company was because we wanted to show our residents what a good landlord looks like. In time, once the housing company is up and running, I want to see us as a model for all landlords in Aldershot and Farnborough to follow.”
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