Leicester City Council has agreed a deal to sell of pieces of land for £1 in exchange for 150 new extra care homes.
The council will sell the discounted land to Leicester Independent Living (LIL) consortium, who will invest £20m in building new properties on the sites. The council will also use £2.54m raised from Right to Buy sales to invest in the extra care housing.
Assistant city mayor responsible for adult social care, Cllr Rita Patel, said: ‘Transferring land in this way – in return for a developer building much-needed accommodation – is an ideal way in which we can invest in local communities, in partnership with specialist developers and social housing providers.
‘We know that there is a real need for extra care homes across the city, because there are many people who want to live independently for longer.’
The land at both sites earmarked for development is currently vacant, and the council hopes to welcome new residents into the homes by early 2017.