Government Agrees £65m Debt Write-Off for Council Homes Transfer

The government has today agreed to write off £65.1 million of debt to allow a council to transfer 8,500 homes to its former ALMO. Salford Council hopes to transfer the properties to Salix Homes under new stock transfer rules, published last November, including an offer to cancel historic housing debt. In exchange for the write-off, Salix Homes has committed to invest £75 million to bring all properties up to the government’s decent homes standard by 2020. The deal will be put out to consultation before a tenant vote later this year. To benefit from the debt write-off, the whole process must be completed by March 2015. Read more on Inside Housing.