Nottinghams largest locally-based housing association, Nottingham Community (NCHA) has received a rating which puts them in a very exclusive group of top performing associations nationally.
Of the 1,300 housing associations in England, only 10 have ever been awarded 2 stars and excellent and six of those are stock transfer associations working with only one or two local authorities. NCHA works with 26 different councils throughout the East Midlands. Read more here
Nottingham City Homes failed to get the two star rating from the audit commission that the government made compulsory to provide the newly formed arms length management organisation (ALMO) with the approximate £430 million pounds necessary to bring its housing stock up to the required EU 'decent homes standard'.Tenants were balloted regarding whether or not their council stock should be transferred on the basis that if it did not, there would be no money available for the new kitchens and bathrooms that they were promised if their homes did not remain the sole responsibility of Nottingham City Council.
If NCHA has been given the two stars Nottingham City Homes didn't get so that it can be used for stock transferral then obviously this is privatisation through the back door. Not only could tenants lose out on the money they were promised in return for their vote for the ALMO, it could also mean that when the housing association has acquired the council's ALMO housing stock, they could increase the rent to extortionate levels, allow the homes to fall into disrepair, sell the stock off and kick the tenants out etc. as they are not accountable to anybody except their board of directors.
The only hope of it all going horribly wrong is that if home building continues throughout the economic down turn, there will be too many properties and not enough buyers or tenants, therefore house prices will eventually hit rock bottom and only then can we pare down the greedy people behind the banks and quangos and position our economy so that more people will eventually be able to afford to buy their own homes.