Gwynedd Council's Cabinet has approved a report requesting approval to borrow £15.4 million to buy 100 houses to let for an affordable rent.
The council’s plan is to purchase the properties from the market over the next six years to rent at an affordable price to local people in the area.
It follows the adoption of the council’s £77m Housing Action Plan in December, which includes over 30 projects aimed at tackling challenges across the housing sector in Gwynedd.
The plan includes providing more accommodation for the homeless, building more social housing to let to local residents, as well as bringing empty homes back into use.
Commenting, Councillor Craig ab Iago, Gwynedd Council's Cabinet Member for Housing said: "I often emphasise that my top priority is to ensure that we as a council do everything we can to offer homes to the people of Gwynedd within our communities. This scheme, which is to buy affordable rented housing for local people will help around 100 individuals or families to live locally.
“I am very excited about this next phase when we will implement the ambitious plans in our Housing Action Plan, with many of those already underway. Our aim is to increase the supply of housing for our people to give them a fair chance to live in their communities, something that would otherwise be out of their reach.
“The scheme will involve significant investment and the business case we are proposing shows that the investment will be repaid over a number of years. It will be a major step towards our goal of ensuring that the people of Gwynedd have access to a suitable, quality, affordable home that enhances their quality of life.”
