Tandridge District Council’s Finance Committee has agreed to set up the Gryllus Housing Company to allow the Council to provide different types of housing to meet local need.
The new company will be created under the umbrella of Gryllus Holdings Limited, which was launched in 2017.
The housing company will give the Council more flexibility in setting rents, financing development and providing affordable housing in the longer term, as the sale of homes though the Right to Buy scheme will not apply to the company.
The aim is to use the company to provide a range of accommodation to address gaps in the local housing market, in particular affordable housing. The company will also be able to rent and sell homes in the private sector which will help meet the cost of providing affordable homes.
Councillor Tony Elias, Chairman of the Finance Committee, said: “The formation of the Gryllus Housing Company, as part of the Gryllus group of companies, will provide the Council with vital future revenue streams and support the Council’s house building strategy.
“Gryllus Housing will have more freedom in setting rent levels and will not be constrained by schemes such as the Right to Buy.”