A WINDFALL payment of £1.4million has come to Stratford District Council thanks to the legal agreement on the transfer of housing stock.
The money has come from Orbit Homes and is a 50 per cent share of the proceeds from the sale of derelict garage sites across the district under the terms of an agreement in 1996 between the Council and the then South Warwickshire Housing Association, now Orbit Homes.
Under the terms of the agreement the district council is entitled to receive a proportion of Right To Buy receipts from housing and 50 per cent of the net income from assets such as the sale of garages.
The garages in question include sites in Studley and Alcester.
Stratford district is now looking to invest this extra cash into affordable housing by ring-fencing the money whilst a sub committee works up a report to decide where it can have the most benefit for residents.
Councillor Peter Richards, Housing and Infrastructure Portfolio said: “This is excellent news; the council had not budgeted for this income and it’s not often you get such a bonus as this, but it can make a real difference and help us tackle current housing problems and support many more residents and families.”
