Homes for Lambeth will be a new company set up by the council and wholly owned by the council. The company will be able to borrow money which the council can’t. It will access this money to build more and better homes in Lambeth to meet the growing demands for homes in the borough.
Homes for Lambeth will allow the council to build homes for council level rent, intermediate rent and private rent, all with long tenancies and rent level stability. It will also build some homes for outright sale.
Council level rent properties will be let with Assured Lifetime Tenancies matching, as closely as possible, existing council tenancies with rent levels set in the same way as for existing council properties, at about a third of market rent through Homes for Lambeth’s own Housing Association.
With the council acting as a developer through Homes for Lambeth we can use the 15-20% development surplus that private developers normally make and reinvest this into our communities and build more homes for local people, putting local people before private profit.
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