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Councils to sell homes to tenants
11:05am Tuesday 3rd July 2012 in News
COUNCIL bosses in York are among those who have signed up to a Government scheme aimed at boosting their finances by helping tenants buy their homes.
Housing Minister Grant Shapps confirmed yesterday that more than 100 local authorities in England are using cash proceeds from the Right To Buy initiative, which allows those living in council housing who want to purchase their properties a discount of up to £75,000.
The scheme allows councils to make use of a “one-for-one deal” which allows them to keep the money received from sales, and those who have signed up for this include City of York, East Riding of Yorkshire and Harrogate Borough Councils.
The agreement allows them to decide on the type, size and location of new housing and work with other organisations, such as housing associations, to ensure affordable homes are built in their area.