MD1528 Right to Buy receipts
In March 2012, the Department for Communities and Local Government launched the Right to Buy one for one replacement scheme. London receipts not used locally by the boroughs are returned to DCLG and, in turn, transferred to the GLA for allocation to housing providers to deliver housing for affordable rent in London. Receipts transferred to the GLA include accumulated interest generated on the funds. Right to Buy receipts are ring-fenced for the delivery of affordable housing for rent and required to be spent within three years of transfer to the Mayor.
Since April 2012, the GLA has received £11,314,376 in Right to Buy Receipts and interest, of which £892,000 has been transferred to the Mayor’s Housing Covenant budget via approval in MD 1281. Approval is now sought for the remaining £10,422,400 of Right to Buy receipts and interest received to the end of February 2015 together with an estimated £15m to be received in 2015-16, to be transferred to the Mayor’s Housing Covenant budget for allocation to affordable housing schemes.
Part 1: Non-confidential facts and advice