Tender documents have been published inviting a development partner to work with Scarborough Borough Council to provide more affordable, sustainable and higher quality homes in the borough.
The 50/50 joint venture arrangement will exist over a 30-year period.
Bids are expected from a range of housing associations, other registered providers or developers.
The business case to establish the long-term joint venture (JV) arrangement was approved by councillors earlier this year.
The JV will fund, enable, and if appropriate, develop a programme of key sites where new affordable homes could be built.
The council has identified eight parcels of land in Filey, Whitby and Scarborough which have the potential for development.
The Better Homes project was created to tackle the borough’s historic housing challenges.
The Borough Council says there are currently not enough properties in the borough which are affordable in name or in real terms and the quality of housing stock is not as good as it could be.
Under the Better Homes initiative there will be high-quality new housing and regeneration which is designed around the needs of local communities.
A key objective is to move the project at pace and deliver more new affordable properties than required by the borough’s current planning policy.
The borough council says the area is facing an affordable homes crisis and double the number currently being built need to be constructed between now and 2038 if demand is to be met. This means around 3,000 will be needed in a 16-year period.
The council say there is a significant affordability gap between the average local salary of £27,000 and the £176,000 average cost of a home in the borough.
Cllr Carl Maw, cabinet member for stronger communities and housing, said:
“Going out to tender to bring a joint venture partner on board is a significant milestone for the Better Homes project.
“Ensuring our residents have access to affordable homes which are of a high-standard remains a major priority for the council.
“I encourage organisations interested in working with us on this ambitious programme to submit a bid.”
Cllr Liz Colling, cabinet member for inclusive growth, said:
“The Better Homes project is vital if we are to respond effectively to the borough’s housing challenges and the needs of our local communities.
“Providing more affordable homes is at the heart of the programme, but we also need those properties to be built to be affordable to run, energy efficient and to a high standard of build.
“This will help us meet our carbon reduction targets and make a lasting difference to our residents.”
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