Community housing firm to buy city’s share

The City of Cape Town is finalising the privatisation of the beleaguered Cape Town Community Housing Company so the company can pursue “profit-making options” in the affordable housing market.

Dan Plato, mayoral committee member for housing, said the company was to buy the city’s 50 percent share. This would allow the company to acquire parcels of land for development, without council assistance.

“We believe this is the right thing to do,” Plato said. “The company can now operate like a private business.”

Plato said, however, that this move was not a “total withdrawal” from the company.

“It will afford the Cape Town Community Housing Company the necessary flexibility to develop housing within the affordable housing market.

“The city, however, remains readily available to advise the company on housing issues.”

Despite its “new direction”, the pall of two forensic audits lingers.

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