Dudley set for Â£40m housing investment
More than £40m is to be invested into Dudley's housing stock under council plans to build about 350 new properties.
In a budget report to go before a meeting of Dudley Council's cabinet today (29 October 2014), councillors will be asked to approve plans which will see £15.6m invested over the next three years to get the scheme off the ground.
A number of suitable sites have been identified as ripe for immediate development, including former garage sites and the former archives building on Mount Pleasant Street in Coseley. The council will look to identify and develop additional sites in the future as the project progresses.
To help fund the scheme, members will be asked to approve additional borrowing of £6.2m through the Local Growth Fund to contribute towards the overall £15.6m budget.
The council will then look to add a further £11.5m into the new build budget in 18/19 and in total spend £40.6m in total over the next five years.
Councillor Gaye Partridge, cabinet member for housing, said: "Having the flexibility to borrow additional funding puts us in a strong position to continue to expand our successful new build programme and maximise development opportunities in the borough.
"Many of the schemes we are looking to develop are relatively small but together they will make a big difference in the number of homes we have available to rent."