Gedling Borough Council has said it is considering creating its own housing company to meet the needs of local people.
The authority believes that by setting up its own housing firm could help accelerate the need for new homes in the borough and also help boost council coffers.
Cabinet members will now consider approval of a business case which will explore the establishment of a local housing company to create a mix of affordable, rented and for sale homes controlled by the council.
The council has spoken to experts from the housing sector about possible options which included looking at creating a housing revenue account, a general fund or possibly a joint venture with another company.
However, the option for a local housing company was deemed the most viable based on the consultation and advice from the market experts.
If approved, the business case would be prepared setting out the financial, resource and risk implications of different housing delivery models for Gedling.
The plans are part of the council’s strategy for increasing income whilst dealing with severe budget cuts from central government.
Gedling Borough Council say they are one of the worst affected councils in the UK when it comes to government funding cuts and this business case could help reduce the strain on council resources, whilst providing much needed new homes.
Leader of Gedling Borough Council, Councillor John Clarke said: “We’re determined to play our part in providing much needed affordable homes for local families to buy and rent – establishing our own housing company is just one way for the council to do that.
“This proposal could also help reduce the strain on our budget as we continue to face severe cuts from central government.”