Councils fail to tap into ‘vast majority’ of extra headroom
Author: Pete Apps, Inside Housing |
The majority of additional borrowing capacity made available to town halls to fund the building of new council homes remains untouched, the communities minister has revealed.
Councils were offered 300m of extra borrowing headroom by chancellor George Osborne in the autumn statement at the end of last year.
A bidding process for the borrowing capacity was opened in April, with the government estimating that 10,000 new council homes could be built as a result.