Council To Let Associations Bid For RTB Receipts

Housing associations are invited to bid for the £16m pot – as long as it is spent on easing Hackney council’s 12,000-plus waiting list. Councils have just three years to use any profit made from Right to Buy sales, any longer and it is handed over to government – with interest. The money can only be used on housing, and can fund up to 30% of any new development, the rest of which has to be funded elsewhere. The council has so far managed to plough all £45m of its receipts back into its huge estate regeneration, building 3,000 homes, but is now running out of ways to spend it before the three-year cut off. Read more on 24housing.