announces a partnership deal with a local city council to develope affordble housing projects for locals, local council announces it is the owner of a 'not for profit company' that will oversee the $300,000,000 project that intends to build 400 homes at $220,000 sale prices, on 700m2 allotments. at 7.1% current interest rate through local finance company Tassie home loans repayments will be as low as $285 per week, excluding Land tax $700, water rates $800, council rates $1000, it remains unclear if purchases can be made by non state residents or by investors. exactly how does a local coucil 'own a not for profit company'? cam anyone enlighten? isn't a company by registration a profit generating entity?
