Private Finance Initiative (PFI)
Private Finance Initiative (PFI)
This is a means by which we will be able to secure substantial investment from the private sector to improve, manage and maintain our housing stock in Pendleton. The council will enter into a contract with a PFI consortium (comprising private sector companies). The contract will set out the standard to which homes must be refurbished and set specific performance targets relating to repairs, maintenance and a range of other services currently provided by the council. Under PFI, the properties remain in council ownership and tenants remain as council tenants with all their existing rights including Right-to Buy.
The council are currently drawing up a business case for submission, in Spring 2008, to the Government for approval to officially advertise the PFI contract to the European Market.
The Stock Options appraisal process has required the secondment of staff from Housing, New Prospect Housing Limited, Finance, Legal and Personnel, plus specialist consultants for Finance, Legal, Tenant Consultation, Stock Condition Surveys and Marketing. Whilst some of these costs will be covered from the existing budget there will be a need for a contribution from balances of £1.7 million in 2007/08 and £1.6 million in 2008/09. For the impact of these requirements on the level of reserves see, New Prospect Housing Limited.
This page was last updated on 03 November 2008
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