The Scottish Executive has unveiled a £600m plan to build new homes and regenerate council properties in Edinburgh.
The announcement followed Edinburgh council's decision, last Thursday, to join the executive's stock transfer programme.

Provided Edinburgh's tenants vote for transfer, the executive will:

  • repay the council's historic debt – roughly £300m, including breakage costs
  • build 10,000 extra homes for low-cost homeownership or rent
  • improve all 25,000 council homes to meet the Scottish housing quality standard by 2015.

The UK Treasury will clear the council's historic housing debt, but the remaining £300m will come out of a number of the executive's long-term funding streams.

An annual grant of up to £20m for 10 years would come through the executive's stock transfer programme, while at least £45m would be provided over three years by its regeneration fund.

Edinburgh's stock transfer ballot is not expected until 2006.

Sheila Gilmore, executive member for community safety and housing, said: "The funding means we are able to lever in as much as £2bn over the next 10 years."

Source

Housing Today