Newport joins Welsh transfer queue
Social Housing: June 2006
The lengthening queue of Welsh local authorities seeking to transfer their housing has been joined by Newport CC, the seventh largest council landlord in the Principality owning more than 9,000 homes.
Tenant consultation is getting under way ahead of a ballot planned in a year's time.
Main aim of the transfer is to arrange £240 million funding for stock investment needed to meet the Welsh Housing Quality Standard (WHQS) by 2012.
The Welsh Assembly Government is expected to provide around £130 million 'dowry funding' leaving the balance to be met from cash generation and loan finance.
Stock retention rather than stock transfer has been ruled out by the council following a detailed financial analysis by Tribal, the consultancy firm.
A partial transfer to Newport HT five years ago paved the way for £33 million funding to be arranged to replace 550 defective pre-fab properties.
Rhondda Cynon Taff CBC, Monmouthshire CC, Torfaen CBC and Swansea CC are queuing to transfer their homes.
Newport City Council is one of six councils in Wales to have signed up to partnership working with the GENuS consortium of four housing associations that has arranged £48 million funding with Nationwide BS and Barclays Bank.
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