Details of how thousands of new affordable homes will be
built using the cash proceeds from the Right to Buy scheme have been unveiled
by Grant Shapps. The Minister said he
was responding to appeals by local authorities for more time to take advantage
of the new scheme by allowing them three years, instead of two, to reinvest the
funds they gain from additional sales into new housing. He said councils now
have a "prime opportunity" to refresh their housing stock. Under the new, light touch agreement between Whitehall and Town Halls,
councils will have the opportunity to keep receipts from additional Right to
Buy sales and the freedom to spend the cash as they see fit to meet local
housing demand. Councils will have the freedom to:
*decide on the
type, size and location of the new homes they build according to local needs
*work with other
organisations such as housing associations to finance and deliver affordable
homes for their area; or
* pass the cash to Whitehall to help deliver
one-for-one replacement at a national level.
Read more on the CLG website.
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