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The London Borough of Barking and Dagenham has announced today (February 20th) that 477 affordable homes will be built as part of an innovative new scheme.
It has joined forces with contractor Laing O'Rourke, its investment arm Explore Investment and developer Long Harbour.
Each of the new properties will be made available to local people at rents ranging between 50 and 80 per cent of local market rates.
Over the term of the leases, the rents will finance the scheme, before the properties transfer to the full ownership of the council at the end of leasing period.
Councillor Phil Waker, cabinet member for housing at Barking and Dagenham Council, said: "We are one of the very few local authorities that is currently building council housing under our own investment programme."
The current mayor of London Boris Johnson wants to deliver 55,000 new affordable homes in the capital by 2015.
It is hoped this will create 100,000 jobs over a four-year period.
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