Report Opens Door To Community Ownership of Council Housing

The ownership of council homes across England would transfer to the community for the first time if proposals published in a new report are accepted by the Government. Community and council ownership on a large-scale is one of three options for the future of council housing considered in a new report released by the National Federation of ALMOs (NFA) this week.
The new models aim to provide greater opportunities for tenant involvement in the running of council housing and would allow existing ALMOs to become ‘community-owned, council-owned’ organisations, known as COCOs. The COCO would become a registered provider and the stock transferred, but the council would remain an interested party. The COCO would own the stock, and the council would retain the debt and the ALMO servicing. From April 2012, public sector borrowing will be limited by changes to council housing finance. The COCO model would give greater borrowing power because an ALMO can be the borrower if it is able to demonstrate that it is not majority-owned or controlled by the council. Download a copy of the report from the NFA website.