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From self-financing to self-determination: Local authority housing self financing in London
Posted on: 8 November 2011
By: mackene
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Filed under: News
From April 2012 councils will be able to keep the rental income from their properties in return for taking on more debt under reform of the housing revenue account. The reforms will see £21 billion of debt transferred to 171 stock-owning councils nationally and £7.2 billion transferred to 29 boroughs in London. According to a new report from London Councils, the new system of self-financing for councils could enable authorities to build more homes and improve services for tenants,. It considers options which councils could use individually or collectively to improve the performance of their HRA under the new system.
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