A north-east council has become the second to convert its arm’s-length management organisation into a housing association. Stockton Council has transferred 10,250 homes to Tristar Homes after tenants voted overwhelmingly in favour of the move. It said this would protect its regeneration initiatives from government cuts, and enable a £140 million investment to upgrade properties. Tristar will pump £13 million into environmental and security improvements in the next five years, while also providing bathroom, kitchen and window replacements for homes that are in need of them. The improvements will be funded by a loan of £75 million from the Royal Bank of Scotland. The move comes after Warrington Borough Council became the first to convert its ALMO, Golden Gates Housing, into a housing association earlier this month. It said this will generate £105 million over the next five years to maintain its housing stock. Read more on Inside Housing.
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