Herschel Homes will buy brand new, high spec homes and rent them out at market rates while Slough Homes will buy both new and second-hand homes to let out at lower rates to people struggling to pay market rent but whose need is desperate.
The borough council’s cabinet approved the plans on Monday, 5 September.
Both companies will be limited by shares, with the council as sole shareholder.
Officers will now begin drafting a detailed case for the new businesses which will be presented back to cabinet later in the year.
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