The Cabinet will next week take a decision setting out the next steps for the formation of the local housing company, as well as agreeing its charitable aims.
The company, which is being set up as a subsidiary of the Milton Keynes Development Partnership, will be able to build more genuinely affordable homes for local families in Milton Keynes.
It has the potential to deliver hundreds of high quality houses, including council housing, affordable rents and other low-cost affordable housing, and will look to build homes as sustainably as possible.
Labour Councillor Rob Middleton, Cabinet Member for Resources, said: “Affordable housing is a key priority for the Progressive Alliance, and this decision takes us one step closer to even more genuinely affordable homes in Milton Keynes.”
The proposed charitable objectives of the company include providing housing and assistance for those in financial hardship, the elderly, or people suffering from mental or physical illness, as well as maintaining or providing public amenities for the public benefit in areas of social and economic deprivation.
Councillor Robin Bradburn, Liberal Democrat Cabinet Member for Economy, Recovery and Renewal, said: “The local housing company will be able to deliver the types of homes that we so desperately need in Milton Keynes, and it will be able to do it whilst prioritising quality and affordability.”