Brighton & Hove councillors unanimously approved proposals for a joint venture to deliver 1,000 new affordable homes in the city.
The scheme is a collaboration with housing association and developer Hyde Housing to build 500 homes for rent and 500 for shared ownership for local people earning less than £15,000 a year.
The joint venture will see Hyde and Brighton and Hove Council committee each commit to £53m of investment.
Housing minister Gavin Barwell welcomed the scheme, saying:
“Building affordable housing is a key priority for this Government. I welcome the Joint Venture between Hyde Housing and Brighton and Hove Council to deliver 1,000 affordable homes.
“I’m keen to see more innovative partnerships like this one across the country to help deliver the homes we need.”
Leader of the council Cllr Warren Morgan said the deal was “welcome news for local people who are struggling to rent or buy” a home. He commented:
“The partnership between Brighton & Hove City Council and Hyde to build 1,000 genuinely affordable homes is the biggest commitment on housing delivery in the city in a generation.
“Hyde has designed a project that does exactly what it says on the tin, providing genuinely affordable homes for local people who are working hard and struggling to get by.
“The proposal will deliver high quality and genuinely affordable homes for local residents and create a significant number of jobs and apprenticeships. I look forward to breaking ground on the first projects in 2017.”