Telford & Wrekin Council is set to provide £48 million for its housing firm Nuplace – £38.5 million from the authority's own regeneration and investment fund and £9.5 million it has already allocated to the company.
The move will see Nuplace build 320 new homes for rent in the borough – a near 70 per cent increase in its portfolio.
The project will involve seven 'brownfield' sites being redeveloped, including major and historic parts of the town, and the refurbishment of around 100 existing homes for rent.
Under the plans, which will be discussed at the council’s cabinet next week, the number of homes under Nuplace would grow from 466 either already built or under construction to 786 by mid 2024.
Among the seven sites that would be developed and regenerated are the 'Station Quarter' in Telford town centre, where 50 new homes would be built, as well schemes for the old New College and Charlton School sites in Wellington, which are key parts in wider regeneration proposals for these areas, and another site in Donnington Wood.
Nuplace also plans to regenerate two redundant but historically important sites in the borough – the Grade II listed Gower building in St Georges which would be transformed into 19 homes and 20 homes located off Main Road in Ketley Bank.
Both would be subject to more detailed surveys and planning before any schemes can go ahead.
Councillor David Wright, cabinet lead for Economy, Housing, Transport & Infrastructure, said: “Nuplace has been a massive success story for the borough and now we want to take this on to the next level.
“It’s a very clear example of what this council is all about – protecting and caring for its residents by providing quality rented homes with a trusted landlord while driving up standards among landlords.
“It’s also about investing to create a better borough – we are developing previously used brownfield sites to provide much-needed homes for rent, including increasing numbers of properties that are more affordable and equipped for lower carbon living.
Cllr Lee Carter, cabinet lead for Neighbourhood, Commercial Services & Regeneration said: “Nuplace shows how councils can think creatively to create new source of income to support key services while at the same creating a very valuable future asset for the people of the borough.
“It generates profits to help fund services, boosts our economy, local jobs and the regeneration of the borough while providing a service people here need.
“It’s no surprise that many other councils are looking to copy what we are doing and what Nuplace has achieved.”