A council is considering borrowing £50m to buy properties to rent on the private market and for affordable housing.

West Norfolk council will then lend the borrowed money to two housing companies it set up and is the sole shareholder of, which will then purchase property.

The Eastern Daily Press says one of the companies – West Norfolk Property Limited (WNPL) – was set up in 2018 to acquire properties to let on the private rental market and it currently has 74 units in its portfolio.

The other firm is West Norfolk Housing Company which is a non-profit provider of social housing, managing 47 affordable homes and seven flats leased from the council.

The proposed £50m borrowings will buy 65 properties to be let privately, and 73 to be used as affordable housing.

A decision on whether to agree to the deal is likely on January 15. 

You can see more details here.