The city council has revealed plans to establish a new ethical housing company capable of delivering thousands of homes across the city. The housing will include bespoke properties for the homeless, foster carers, large families, the elderly and people with a disability.
The 'Foundations' company will be funded with £500 million of investment and utilise council-owned land as well as refurbish vacant stock.
As well as future-proofing the housing market for an ageing population, around 2,000 new jobs will be created by the company. A report will go before the council's cabinet next week recommending the authority create the company.
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The Mayor of Liverpool, Joe Anderson, said: "This new housing company will radically reshape Liverpool's housing market and is called Foundations because that is precisely what it will provide for generations of people.
"Foundations will also help the council benefit from the additional Council Tax we collect from increased housing, like we have already with the 8,000 homes I created in my last mayoral term.
"With a lack of government support Foundations is the only logical step. We have stock that can be refurbished and we have land that can be built on so once the company is established we can hit the ground running.
"This will be a win-win for everyone as the council will be able to increase Council Tax, influence the quality of the housing and support people who want to buy by turning rent into a deposit. This company has more than just a social value, its business model also stacks up as a serious investment in the future of the city.
"As we've shown through the purchase of the Cunard Building, which now generates £2m a year for the council, our invest to earn strategy works and profits from this new company will also be reinvested into council services to offset the damaging cuts this city has experienced these past seven years."
(LM/JP)
