Homeless people could be given longer-term accommodation in a Waltham Forest council bid to save money as the number of homelessness cases soars.
This year, the cost of housing people in temporary accommodation in the borough is expected to exceed £19.5m.
The council has a duty to house people while an investigation is carried out into their personal situation.
Agencies are used to house homeless individuals and families who are often places in a hotel or bed and breakfast.
As a result of the cost, the council is considering finding a site to develop units through a private investment fund.
The units would then be rented to the council at a lower rate to save money, although it is unlikely the development would be in Waltham Forest.
By moving from paying a nightly rate to offering a longer-term let the council could save around £5,500 per person.
With 250 units the authority could save over £1m.
The venture could be done in collaboration with boroughs Enfield, Newham and Redbridge in order to find the best value site.
The move will be considered by the council’s cabinet next week.
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