Croydon will invest in social housing following a government bailout. The plan aims to improve homes and create affordable options.
The council promised to fix up its social houses. This happened soon after asking the government for money. Croydon Council’s plan got approved on February 12.
The plan is about spending more on fixing homes. They surveyed 67% of council houses to make it. They aim to spend £820 million over 30 years. Croydon wants to spend £10.5 million on repairs in 2025-26. This will tackle mold and improve homes.
They plan to spend £30 million on more social housing. Also, £166 million goes to the Regina Road project. It will create 225 affordable homes. The government is giving £54 million to help.
The council thinks they will save £1 million each year. They could save another £78 million long term.
Croydon needs money because they spent £35 million too much. They asked the government for £136 million. They are short £98 million for next year’s budget. They need the extra money to pay off old debt.
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