Southampton City Council Press Releases
Green light to develop 30 year housing finance plans in Southampton
The development of an innovative 30 year Housing Plan has been given the green light by Cabinet which includes £20M to support the city’s estate regeneration programme and £115m to improve council homes in the next four years alone .
This plan comes as a result of the Government’s latest proposals to reform Council Housing Finance - giving Southampton City Council the chance to plan its own housing budget for the first time. Previously the government took all the money from council’s rents giving back just a portion this year it was 8M less than collected in rent. Now the city will be able to plan its own housing finances for the long term using its own money from its own rents.
Councillor Peter Baillie, Cabinet Member for Housing said: This is a fantastic opportunity to develop an exciting long term plan that will make a major difference to our residents’ lives. It will enable us to maintain and improve existing council homes - raising our improvement standards to ensure that our tenants have weather tight, warm homes with modern facilities. It also means that we can drive forward our estates regeneration programme to improve our neighbourhoods and build more good quality homes across the city and we have also put aside 100M for stock renewal.
The new housing plan will to seek to show that with careful management we can invest much more in residents` homes as well as ensuring that any debt accrued over the 30 years will be fully repaid.
Southampton City Council like other local authorities who wish to self – finance has to pay the Government a transfer fee which is different for each authority - in Southampton’s case it will be £73.8 m but that is set against the £8M currently lost each year to central government.
I will also be writing a release on the six new sites for estate regeneration as outlined in the cabinet paper