High-performing council Hammersmith & Fulham has abandoned its appeal to be allowed exceptional financial freedoms to invest in its housing stock, it emerged this week.
The London council has bowed to government pressure and opted to set up an arm's-length management organisation, which it believes it could lead to a £90m cash injection.

Hammersmith & Fulham had estimated that it would need at least £70m – on top of existing funding – to meet the decent homes standard in its 18,000 properties.

In April, the council vowed to retain its stock and lobby the government for extra cash (HT 11 April, page 8). However, it is understood that the government has refused to offer special assistance.

Meanwhile, Blyth Valley council's ALMO has become the second body in the round-two bidding process to have won the approval of Audit Commission inspectors.

The two-star rating awarded to Blyth Valley Housing means an extra £40.5m of capital funding will be available over the next two years.

Source

Housing Today