IRRV Alert - week ending 9th July 2021
News
Retained Right to Buy receipts and their use for replacement supply: guidance (8 July 2021)
Guidance
Retained Right to Buy receipts and their use for replacement supply: guidance
This document provides guidance on how local authorities can use the money raised from Right to Buy sales (“Right to Buy receipts”) to deliver replacement homes.
- From:
- Ministry of Housing, Communities & Local Government
- Published
- 8 July 2021
- Applies to:
- England
Documents
Retained Right to Buy receipts and their use for replacement supply: guidance
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Details
The government has committed to ensuring that additional retained Right to Buy receipts are used to replace, on a one-for-one basis, those additional homes sold under the reinvigorated Right to Buy (RTB). This is part of the government’s ongoing commitment to helping councils play their part in building the social and affordable homes that England needs - alongside the removal of the Housing Revenue Account (HRA) borrowing cap and the overhaul of guidance on the HRA.
This guidance incorporates major changes to the RTB pooling system that took effect from 1 April 2021. It takes account of the amended terms of the Retention Agreements to be concluded between the Secretary of State and authorities under section 11(6) of the Local Government Act 2003 to enable them to retain RTB receipts, and the amendments to the Local Authorities (Capital Finance and Accounting) Regulations 2003 that came into force on 30 June 2021.
Published 8 July 2021