A £147million loan to shake up Lambeth’s housing stock will see the council max out its housing credit.
Lambeth Council plans to borrow the money over five years in order to implement 31 recommendations made by the Housing Commission in July.
According to the commission’s latest report, the loan will take its Housing Revenue Account "to the borrowing ceiling".
Officers also plan to lobby the Government for more funding, while increasing council spending on housing maintenance, and working with residents to produce a new housing strategy.
A timetable for each recommendation has now been set but opposition spokesman for housing, Liberal Democrat Councillor Jeremy Clyne, said it was too early to know whether the plans would improve the borough’s poor housing record.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here