From the Highland Council web pages:
Highland Councillors are being asked to consider investigating the feasibility of a pioneering new model of providing much-needed affordable homes in the Highlands.
It could see a new build programme of 650 houses over a five year period.
The idea is for the Council to work with a private sector partner to release the equity currently tied up in its Council houses. As houses become vacant they would transfer to the private sector partner in return for a capital payment. The capital would be used to build new houses for let as Council tenancies.
A key point to note is that the Council would continue to allocate, manage and maintain the stock, based on agreed fees per unit to be paid to the council by the partner.
The transferred houses would be relet to applicants on the Highland Housing Register at rent levels pitched between the average council rent and private rents, currently estimated at £75 per week (charged over 52 weeks). The average council rent for the current financial year is £59.76 (over 52 weeks).
Properties would revert to Council ownership at nil cost after 25 years.
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