12 November 2004
Woking Borough Council, which is borrowing £62m for housing through the prudential code, is setting up its own development company to avoid having rents revenue clawed back through the subsidy system.
Councillors will discuss proposals for the wholly owned company, solely responsible for commissioning developers to build new homes, on December 2.
Woking plans to build about 250 properties. It is also buying back homes originally sold under the right to buy scheme.
Ray Morgan, the council's executive director, said: 'I would expect most of the new build to be done by the company.'