North Yorkshire Council is seeking an £800,000 grant to buy ten affordable homes in two market towns.
The funding is being sought from Homes England to purchase social rented and shared ownership housing in Ripon and Bedale.
The council is looking to buy ten new build properties from a private developer.
Five three-bedroom social rented homes and one four-bed property for shared ownership would be acquired in Bedale.
In Ripon, the authority would buy four three-bed shared ownership homes.
The grant total is based on £100,000 for each social rented homes and £60,000 for each shared ownership property.
The council would still need to borrow £936,000 and use £200,000 from its housing revenue account to fund the purchase, with sales of the shared ownership properties contributing £635,000.
The total capital cost for this scheme will be around £2.6m, including fees.
John Burroughs, the council’s housing delivery manager, said in a report to members:
“The local members for both localities have been contacted and both have expressed their support for the proposals.
“The council’s housing landlord service have also been consulted with and have both confirmed the housing need within both localities and their
support for the acquisitions.”
He added:
“The application for funding improves the viability of the development, which in turn supports the long-term sustainability of the housing revenue account by ensuring each property acquired or developed creates growth, rather than a financial strain on resources.”
The council’s executive committee has already agreed to the purchase of the homes and senior council officers have agreed to the grant application.
The council is aiming to delivery 500 new council homes by 2029.
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