Councillors approved the devolution deal, which will see millions of pounds of investment in Cambridgeshire and Peterborough at a meeting of full council last night (Tuesday).
The devolution deal will hasten the delivery of affordable housing with:
1. £70million over five years, ring-fenced to the city council, for a ‘Cambridge Housing Plan’ which the council will spend on its plans for over 500 new council homes to help tackle the city’s housing affordability crisis. The council would use some £10million of this fund to replace any of the 500 homes subsequently sold through the Right to Buy scheme.
2. A further £100million affordable housing fund over five years for affordable homes across the proposed combined authority area, with a mix of tenures including affordable rented and low cost home ownership. In recognition of its high levels of growth and difficult housing market conditions, a substantial proportion of this funding would be directed at the Greater Cambridge area with delivery of the homes likely to be through housing associations.
There will also be a new £20million annual fund for the next 30 years (£600million) to support economic growth, development of local transport infrastructure and jobs.
Cllr Lewis Herbert, Leader of Cambridge City Council, said: “Devolution will bring real benefits for Cambridge residents and the most important of these is funding for affordable housing for rent.
“At least 500 new council homes will be built in Cambridge plus hundreds of additional housing association rental homes for the Greater Cambridge area, helping us to address the local housing affordability crisis.
“We now have a real opportunity to work together to press for more devolution from government so that decisions can be made locally to provide even more housing and investment in our highly successful Greater Cambridge economy.”
Arrangements to hold elections for a mayor next May will now get under way alongside setting up a shadow combined authority.
The mayor will be elected by all residents in the Cambridgeshire and Peterborough area and will chair the combined authority which will include one representative from each of the partner organisations.
As part of the deal, a range of resources and powers for infrastructure, housing, economic development, employment and skills will transfer from the government to the combined authority which will comprise representatives from the seven councils across Cambridgeshire and Peterborough and the Greater Cambridge Greater Peterborough Local Enterprise Partnership (LEP).
Consultation on the devolution deal proposals in the summer revealed support for it. Cambridge is the last of the seven councils involved in the deal to approve the plans.
*The deal has been negotiated with government by Cambridge City Council, Cambridgeshire County Council, Peterborough City Council, South Cambridgeshire District Council, Fenland District Council, Huntingdonshire District Council, East Cambridgeshire District Council and The Greater Cambridge Greater Peterborough Enterprise Partnership (LEP). Councils will retain their sovereignty and continue to deliver services for residents.
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