FINANCE NEWS: Scottish Executive set to waive £300m housing stock loan

Glasgow Housing Association, which took control of the city's housing stock 10 days ago, has been told a £300 million loan from the Scottish Executive may never have to be paid back.

Social Justice Minister Margaret Curran announced that the Executive had changed its rules on the terms of a soft loan to the housing association to upgrade the quality of the city's 80,000 houses.

Curran said that it would not have to repay the loan, which is due to be paid back in £30 million instalments over the next 10 years, if it transferred 80 per cent of the stock to local housing organisations over the next three years.

A spokeswoman for the Glasgow Housing Association said the plan for so-called second stage transfer would involve handing over housing management and later ownership to 64 local housing organisations. These comprise both formal housing associations and tenants' groups.

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