§ Mr. Jim CunninghamTo ask the Secretary of State for the Environment, Transport and the Regions what measures he has in place to help local authorities in relation to large-scale voluntary transfer of housing stock. [101084]
§ Mr. MullinMy Department has published comprehensive guidance on the stock transfer process, which is designed to assist local authorities who are transferring all or part of their housing stock to a Registered Social Landlord. Other measures in place include(a) the ability to use capital resources (i.e. provision for credit liabilities) rather than revenue to meet the cost of premium payments which arise when outstanding loans with the Public Works Loan Board are repaid early; (b) allowing authorities to capitalise for up to three years after transfer which additional rent allowance expenditure would otherwise fall on the general fund; (c) allowing authorities to value their stock using a discount rate of 7 per cent. rather than 8 per cent. as previously, thereby increasing the size of their capital receipt; and (d) guidance about warranties.