Council officers hope to borrow nearly £30 million in order to build more council houses – including developments in Polegate.
Wealden District Council is calling on the Government to increase the amount of money it can borrow to fund an additional 214 council houses.
If approved, it would increase the amount Wealden can borrow through its Housing Revenue Account by an extra £28.7 million – this is in addition to its current £71.7 borrowing limit.
The 214 new council homes would be built between 2019 and 2022.
“This extra borrowing is urgently needed to put more affordable housing in locations where it is most needed,” said Councillor Graham Wells, Cabinet member for Housing and Benefits.
“We will repay the money through rentals incomes over the life of the property.
“Phase Two of our new build strategy is nearing completion. It includes 67 retirement living apartments in Grant Hill House, Uckfield, and 29 affordable homes at Leap Close and Old Hop Gardens in Hailsham and four affordable homes in East Dean.
“The extra borrowing limit would enable Phase Three to undertake developments in Crowborough, Uckfield, Heathfield, Horam and Polegate, creating another 214 much-needed affordable homes.”
The full cost of Phase Three will be £44.3 million. This includes money from Right-to-Buy sales and shared ownership payments, as well as additional spending from the council’s Housing Revenue Account.