The new housing system, published today by Housing Minister Grant Shapps is a key measure of the Localism Bill currently before Parliament. The announcement includes a detailed description of how each council's opening financial position will be determined and how these reforms would be implemented in April 2012.
The abolition of the housing subsidy system will require changes to the capital financing arrangements for housing, particularly with the change in Item 8 determination. CIPFA has launched a major consultation on proposals that it has developed to implement the new arrangements focusing on two key areas:
These proposals have been drawn up by a sub group of CIPFA’s Local Authority Housing Panel, Treasury Management Panel and Local Authority Accounting Panel.
General and specific comments on the proposals should be received by Monday February 28th. Comments should be sent by email to email@example.com
Alison Scott, Assistant Director of Policy at CIPFA said:
‘These changes amount to a revolution in council housing finance. CIPFA is consulting widely on the proposed capital finance arrangements and the responses will inform further CIPFA guidance, which will help implement these changes effectively.’
To read the consultation in full, visit http://www.cipfa.org.uk/panels/housing/.
The Minister’s announcement can be downloaded from the CLG website at:
Contact: Guy Roberts/ Lindsay Machin / Chloe Forbes
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