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Following the resolution of the City Council in October to continue to ...
Following the resolution of the City Council in October to continue to
investigate all options for the future of the Council's housing stock,
independent consultants KPMG have now reported on the alternatives to whole
stock transfer: Securitisation (selling the net rental stream from the
properties over 30 years to investors, providing a capital sum which can then be
spent on improvements and stock management); the creation of Arms Length
Companies to manage, maintain and improve the stock; and a partnership with the
private sector.
The report sets out the advantages and disadvantages of all the options, and is
clear that none of them would provide a solution for the whole stock in a
reasonable time and to the benefit of all tenants, when compared to whole stock
transfer which is also the only option where the City Council's entire housing
debt would be paid by the government, via a grant.
Cabinet Member for Housing Councillor Dennis Minnis said: 'The consultants have
exhaustively investigated all the avenues open to us for modernising our housing
stock, and their conclusion is that whole stock transfer is the one which will
bring most benefits to all tenants and to the city as a whole.'
This independent view will be put to a meeting of full Council in February when
a decision will be made on the future of the housing stock. If the Council
decides to pursue whole stock transfer, tenants would make the final decision in
a ballot.
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