£14m earmarked by Surrey council to buy 48 affordable homes in Farnham
The homes would help ease housing waiting lists
More than £14 million has been earmarked to buy 48 affordable homes in Farnham.
Council documents show Waverley Borough Council has set aside a budget of £14,454,118 for the project.
Once secured, the homes would be used to help ease its housing waiting lists.
Where the homes would be
The 48 homes are split between two sites.
Forty would be at Waverley Gardens, an estate on Waverley Lane.
The remaining eight would form the Farnham Oaks development in Wrecclesham.
Cllr Janet Crowe, co-portfolio holder for housing, said the Waverley Gardens homes would include 32 for affordable social rent and eight for shared ownership.
She said the homes would be managed as part of the council's housing stock.
What the council said
Cllr Crowe told the executive committee on Tuesday 6th October: "Officers have identified an opportunity to acquire 48 affordable homes across two development sites in Farnham."
"These homes comprise the affordable housing element of the development secured through section 106 planning obligations, and acquisition by the council would increase the supply of affordable housing in Farnham and contribute towards meeting identified housing needs within the borough."
"Delivering decent and affordable homes is a key corporate priority of this council."
Cllr Kika Myrlees, portfolio holder for community services, said: "This is great news, especially for Farnham because I know we struggle with all this."
How the deal came about
Miller Homes approached the borough inviting expressions of interest in buying the affordable homes that would be built as part of its development at Waverley Lane.
Nicholas King Homes did the same for its own development at Wrecclesham.
The council's bids have been accepted.
That is subject to it getting the necessary internal approvals, and to legal agreements being signed off and the deal being recommended for approval by its executive.
Approval and funding
Because the proposed acquisitions are above the £1 million threshold, they will also require the approval of the West Surrey Shadow executive.
The money is expected to come from a combination of borrowing from its housing revenue accounts and money brought in from the sale of assets.
The council said the exact breakdown of the financing is still being kept private.
However, it said it expects the details to be made public once the new properties are handed over to the council.