Salford Mayor Paul Dennett has called for leftover housing investment funds to be used to create affordable housing across Greater Manchester.
As well as building affordable housing, it has also been suggested that money from Greater Manchester’s Housing Investment Fund could be used to buy out unfit landlords.
Paul Dennett’s proposal will be put to the Greater Manchester Combined Authority (GMCA) at a meeting next week in Bolton.
The authority cites the selling of social housing as one of the reasons behind a decline in affordable rental property. They also suggest that this has fueled the rise of homelessness in the region.
There has been a decline of over 13,000 social rented homes across Greater Manchester since 2012 – a loss of more than five per cent.
In addition, there are around 86,000 people or families waiting for social housing.
The Mayor’s announcement comes after official figures showed that just 0.7% of all homes built last year were social housing.
Mr Dennett said: “We need to take action now to ensure there are more quality homes in Greater Manchester that are affordable for everyone.
“It is right that we now take the surplus funds that are coming back to us from successful loans made by the Greater Manchester Housing Investment Fund and put them towards helping those who are in desperate need of a decent, affordable home.
“I hope leaders will agree with me that this is an important step as we move closer to unveiling the bold new Greater Manchester Housing Strategy.”
The proposals will be discussed at a GMCA meeting on Friday, December 14.