Thursday, November 7, 2013
Plymouth City Bank?
COUNCIL bosses hope to kick start a housing boom with a Ã‚Â£50million cash injection. Plymouth City Council is planning to set up a fund to help developers to beat the credit crunch and get started on building 1,000 new houses a year. The city will borrow the money cheaply and lend it to housing associations and housing cooperatives at an interest rate of just 3per cent, far below the market rate. Cabinet member Cllr Mark Lowry said: Ã¢Â€ÂœThere is a housing crisis and we need to speed up housing developments. Ã¢Â€ÂœWe need a mixture of affordable homes, family homes, executive properties, student accommodation and extra care housing.Ã¢Â€Â Over the past three years Plymouth has built on average 572 new homes a year, leaving thousands in unsuitable or temporary accommodation.