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.
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Council borrows £50 million and gives it to two private companies it owns. Now what could possibly go wrong?
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