The proposed deal includes a £170 million fund to build more homes to support people on lower incomes.
The devolution deal currently being consulted on would see a greater number of decisions on public services being made locally, rather than nationally, with an elected mayor working with the MPs and Cambridgeshire and Peterborough councils to deliver the best results for local people.
The deal would include a new £100 million housing fund to be invested over the next five years to build more homes, including affordable rented and shared ownership. A new £70 million fund would also be used to build more council rented homes in Cambridge over the next five years, because house prices are so high in the city.
Seven councils and the Greater Cambridge Greater Peterborough Enterprise Partnership have joined together to ask the UK government for some powers, responsibilities and funding to be transferred from central government to Cambridgeshire and Peterborough.
Cllr Peter Topping, Leader of South Cambridgeshire District Council, said, “This deal would provide us the money to build affordable homes we have planned more quickly. These are much needed for people on lower incomes who are struggling to buy or rent. We have sites identified and have been working closely with housing associations but the final piece of the jigsaw is the finance to get on with it.”