Birmingham's controlling Labour Group has voted by a majority of 2 to 1 to consult and ballot tenants on the transf...
Birmingham's controlling Labour Group has voted by a majority of 2 to 1 to consult and ballot tenants on the transfer of it's 88,000 housing stock to a non-profit making citywide Trust and eleven local community landlords, made up of tenants, Councillors and independent members.
During a two and a half-hour debate on Saturday Councillors also asked for further information on other options and the Securitisation scheme being put forward by the Local Government Unit - a national all party group of representatives from local authorities. The scheme, which involves selling the 'rental' stream from the properties to the private sector over 35 years provides a capital sum which can then be spent on housing or any other local authority service. It is thought unlikely the scheme could apply to Birmingham given the size of Birmingham's disrepair problems.
Councillor Dennis Minnis, Cabinet Member for Housing said:
'Whole stock transfer is the only scheme currently available which would ensure our housing debt of£650 million is taken over by the Government. However, we are keen to leave no stone unturned in the search for an answer to our repairs problems. The Securitisation option will be looked at with equal vigor before any final decision is taken.'