Town halls have handed almost £50m in unspent Right to
Buy cash earmarked for replacement council housing to the government, claiming
rules make it impossible to spend. Figures show £46.5m has already been handed
back to the Treasury by councils. Councils have three years to spend the
portion of Right to Buy receipts earmarked for replacement homes, before having
to hand the money to the Treasury with interest. This time limit, along with
restrictions on mixing receipts with other grant and a rule limiting the
receipts spent on each home to 30% of build costs, have been flagged by
councils as reasons why the cash has not been spent. The CLG said 14 councils
had handed back money. Several of these are believed to have been before the
three-year deadline was up. Read more on Inside Housing.
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