1. Council housing finance reform Sponsored by

2. Council housing finance reform Sponsored by

4. Ian Doolittle Partner Trowers & Hamlins

5. Council housing finance reform – opportunities and risks Ian Doolittle 21 June 2011

6. The rules ■ Ministerial powers ■ Reopening the settlement ■ The Borrowing Cap ■ Regulation ■ The ring fence

7. The resources ■ Government rent policy – present and future ■ Increased allowances “incorporated” ■ Disabled adaptations support ■ Separate Decent Homes catch-up funds

8. The debt ■ ‘Payment’ (and ‘repayment’) authorities ■ Public Works Loan Board – only? ■ Bonds ■ Bridging loans

9. Borrowing ■ The cap – and headroom ■ Notional debt windfall ■ New build and other exceptions ■ Looking ahead

10. Disposals ■ Statutory regime still applies ■ New freedom - how helpful? ■ Trickled voids ■ RTB receipts

11. LSVT ■ Financial comparability with self-financing ■ “Taxation impacts” – VAT? ■ “Rigorous VFM assessment” ■ Tenants’ “Right to Transfer” ■ New guidance promised

12. Estate or “special” transfers ■ Areas/types of property - n.b. sheltered schemes ■ Ballots? ■ RPs’ involvement ■ Special vehicles? ■ Trickling voids?

13. Asset management ■ No incentives now to keep “wrong” stock ■ Keeping receipts – n.b. resolutions ■ Freedom to dispose without CLG consent?

14. ALMOs ■ Increased pressure ■ Settlement is “ALMO blind” ■ Governance support? ■ Refashioning the relationship

15. PFI - type structures ■ Fee available - semi-assured ■ Securitisation? ■ Enough headroom? ■ Servicing debt

16. Outsourcing ■ A defined business ■ Benefits from external competition? ■ Joint housing management and repairs/ maintenance packages?

17. Ian Doolittle t +44 (0)20 7423 8415 e idoolittle@trowers.comidoolittle@trowers.com Questions and further information

18. Council housing finance reform Sponsored by