Tower Hamlets ‘not clear’ on Right to Buy rules
0The London Borough of Tower Hamlets has challenged the clarity of Right to Buy funding rules.
Currently, unspent council receipts are given back to the government and returned through the GLA as grant money.
Tower Hamlets has retained RTB receipts of £112m, and under existing rules must spend £376.3m on replacement social housing within three years.
A government consultation has proposed extending the time limit for using existing receipts from three to five years.
Tower Hamlets already gets an additional three years on the receipts returned as grant money from the GLA.
A report to councillors said: “It is however not currently clear whether proposed changes would supersede the agreement with the GLA to receive our expired Right to Buy receipts as grant and then give us an additional three years (on top of a new five-year deadline) to spend these.”
