Homes transfer could see debt wiped off

OLDHAM housing stock — council debt to be written off?

OLDHAM COUNCIL:

OLDHAM COUNCIL’S existing housing debt of more than £214m could be written off by the Government if plans for the housing stock to be transferred to First Choice Homes go ahead.

Councillor John McCann said the Government department for Communities and Local Government would be willing to give financial assistance to local authorities who could not pay off their debt.

He added that in every one of the 200 housing stock transfer across the country, the Government wrote off existing debt where necessary.