HC Deb 26 July 2000 vol 354 cc610-1W
Mr. Matthew Taylor

To ask the Secretary of State for the Environment, Transport and the Regions what the net present cost is of the Tower Hamlets Housing Trust project under the Private Finance Initiative; what the value is of the public sector comparators in(a) pre-risk and (b) risk-adjusted terms; what risks are identified as having been transferred; and if he will make a statement. [132837]

Mr. Mullin

Information about the private finance agreement between Tower Hamlets Housing Action Trust (the HAT), Circle Thirty Three Housing Trust and its subsidiary Old Ford Housing Association (OFHA) is available on the DETR website at www.detr.gov.uk/ppp/2.htm#towerhamlets. The HAT's partners have agreed to invest £23 million, alongside the HAT's own investment of £55 million, to enable the HAT's programme for rehousing its tenants to proceed faster and at less cost to the taxpayer than would be possible with public funds alone. The risks transferred include the financial uncertainty arising from HAT tenants' right to choose between the London Borough of Tower Hamlets and OFHA as their future landlord.