Approval has been given for Gloucester Council to transfer ownership of all its social homes to a housing association in exchange for the government wiping out £50m of historic housing debt.
The deal would see the council’s 4,800 homes transferred outright to Gloucester City Homes, who will invest £30m improving housing conditions and build new social housing.
Leader of Gloucester City Council, Paul James, said: ‘Over the last few years, £40m investment has seen 100% of our stock reach the Decent Homes standard and Gloucester City Homes has done an excellent job in both managing the properties and involving tenants.
‘But we know that we cannot continue to invest even more in future to the degree that is needed because of restrictions in borrowing. Transferring the stock to Gloucester City Homes will overcome this.’
A vote on the transfer will be put to tenants in September.
