The largest transfer of a council's housing stock to date has secured a tenant yes vote, as the government was set to announce a resolution to the problem of overhanging debt
Coventry council now looks certain to switch its 21,000 homes to Whitefriars, a new housing group, after 55 per cent vote in favour of the plan.

But the council is now resigned to completing the transfer in the next financial year - even though the government has resolved the issue of overhanging debt that allows schemes like Coventry's to transfer.

The government was due to announce today (Thursday) that it will meet the full cost of debt on the Housing Revenue Account so that transfers in such authorities can take place.

The announcement is probably too late for Coventry to complete this year. But the organisers of the transfer at Burnley - the only other scheme in this year's programme with overhanging debt - are now confident that the scheme will complete this year.

"We pleased to get over this hurdle," said a source at Burnley.

Speaking at a meeting of jubilant housing staff, Coventry leader John Fletcher said: "Your efforts have helped to create the biggest change in social housing this century."

Coventry's strategic director for living environment Howard Farrant said the councils did not want to rush through the scheme just to meet the year end deadline. He said: "To be realistic it ain't going to happen in time for the deadline".

The council has already submitted a bid to be included on next year's list.

Coventry housing policy team chairman Peter Lacey said that the ballot was "stunning" despite the narrow margin and a turnout of 58 per cent.

Source

Housing Today