Up to 3,500 affordable council homes will be built in Enfield over the next decade.
Funded by extra borrowing, the homes are likely to include social rent, London Affordable Rent, London Living Rent and shared ownership tenures.
The housebuilding plan comes after the Government lifted a borrowing cap on local authority housing revenue accounts (HRA) in October 2018.
Enfield Council will fund the scheme by borrowing £656 million over the next ten years – more than double the previously forecast amount.
The plans are set out in the HRA 30-year business plan, which was approved by the council’s top decision-makers on Tuesday (January 28).
Joanne Drew, the council’s executive director of housing and regeneration, says in the report: “With the lifting of the debt cap it is possible to borrow in a sustainable way through the delivery of new homes with additional revenue generated or stock investment that reduces responsive repairs costs and extends property life.”
The housebuilding programme includes a major regeneration scheme planned for the Joyce Avenue and Snell’s Park estates in Edmonton
According to the HRA business plan, the precise tenure mix on each housing scheme will be “developed according to local considerations around the needed housing mix and affordability”.
There are also plans to invest £48 million in building safety work over the next five years.
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