The decision was made at a meeting of Basildon Council's Housing and Communities Committee last night (Tuesday 14 January).
The council's housebuilding company has reached an agreement in principle with a developer to purchase nine new rented and an additional four shared ownership homes, which are being developed on a site near Basildon Hospital.
By subsidising the purchase of these properties by Sempra, the council will ensure that its tenants will pay rents at 'social' rather than 'affordable' levels for a period of no less than 80 years.
The £700,000 is coming from an account funded by private developers for the purpose of providing affordable housing within the borough.
Chairman of the Housing and Communities Committee Councillor Kerry Smith said: "This is about getting Basildon families off the housing register and into quality homes. We are taking a Basildon first approach to housing and these new homes are further evidence of our commitment to that promise. The £700,000 is coming from the pockets of private developers to make these homes truly affordable by allowing us to let them to our tenants at social rent levels."
Published on Wednesday 15 January 2020