The London Borough of Barking and Dagenham is seeking up to £100 million from private investors to build 600 homes.
Inside Housing magazine said that law firm K&L Gates has put together a funding model which would allow the borough to draw development capital into its housing revenue account without breaching Treasury borrowing limits.
Last year, the council completed a £76 million deal to build 447 affordable homes with institutional fund manager Long Harbour.
The council is running a competition to find backers for the scheme and is looking for an investment of between £80 million and £100 million, the magazine said.
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