John Healey MP (Minister for Housing) has released a statement on council house financing in which he announces dismantling the HRA subsidy system, replacing it with a devolved system of responsibility and funding for council housing. Under this, councils will finance their own housing from their own rents, in exchange for a one-off redistribution of housing debt to make the settlement financially neutral between central and local government. The reform will guarantee tenants whose homes have been upgraded through the Decent Homes programme that their homes will be maintained at least to this standard for the future. Read the Minister’s full statement on the CLG website.
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