Short-term financial support from Bromley Council has enabled new homes to be built in Bromley and yielded additional income which has been reinvested in the borough
The mutually advantageous scheme, which also saw the development house temporary accommodation as part of the agreement, reflects the innovative thinking and shrewd financial acumen that has contributed to enabling the council to set one of the lowest council tax increases nationally for 2022/23.
Councillor Michael Rutherford, Executive Member for Resources, Commissioning and Contract Management said: “This venture made sense on several counts. Most importantly, the short-term funding enabled the council to make invaluable temporary accommodation immediately available to those who really needed it at an unprecedented time. In addition, this reduced overall costs to the council taxpayer, while the council will also receive interest on the loan.
“The council is willing to consider supporting invest-to-save initiatives, such as this, where there is a clear advantage to both residents and the council finances with loans being repaid over time and savings expected in the shorter term.”
The development saw a disused care home in Copers Cope converted into housing, supporting the increasing need for accommodation in the borough with the help of a loan to the owner from the council. In addition, while the development was ongoing, a section of the site served as temporary accommodation, increasing the borough’s provision to help those with no home at the peak of the Covid pandemic.
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