A council is seeking to transfer its stock to a housing association to avoid taking on £145 million of debt through reform of the housing revenue account. Swindon Council has begun the first stage of a formal consultation with residents on transferring their homes to a housing association. This will run until 21 November, after which the council will decide if it needs to amend its proposals, and whether to go ahead with a ballot. The council wants to transfer its stock to avoid taking on debt when the housing revenue account subsidy system is reformed in April next year. Under the reforms stock-owning councils will have to take on a share of historic debt, currently held by the Treasury, in return for greater financial freedom to manage revenue from housing. The amount of debt varies from council to council, but Swindon is in line for around £145 million. Read more on the Swindon Council website.
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