Horsham District Council has agreed to transfer £580,000 to its affordable housing company to buy four flats in Slinfold.
The one-bedroom flats are part of a 12-home development being built in Spring Lane by Crayfern Homes, and will cost Horsham District Homes (Holdings) £140,000 each rather than the £215,000 market value.
On top of that, the council will pay £20,000 of fees.
At a meeting of the cabinet, members were told the money would be taken from S106 funds – money received from developers and set aside for projects such as this.
A report to the meeting said there were 722 households on the council’s housing list as of July 1.
It added: “Of these, 137 have highlighted Slinfold as an area of choice for permanent accommodation, including 64 households who are seeking one-bedroom accommodation.
“Therefore there is a clear demand for these type of properties.”
The flats will be a good source of income for the council, bringing in an estimated £26,925 per year in rent.
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