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In December 2007, RCT Homes became Wales’s largest social landlord when it took over the ownership and management of the entire housing stock of nearly 11,000 homes from Rhondda Cynon Taff County Borough Council. RCT Homes is responsible for homes on more than 60 housing estates and in 27 sheltered housing schemes.
In 2001, the Welsh Assembly Government introduced a new Welsh Housing Quality Standard that sets a minimum level for facilities in social housing in Wales. Rhondda Cynon Taf Council calculated that it would need to spend approximately £780 million over 30 years – money it neither had nor was able to borrow – in order to reach the standard by the 2012 deadline and maintain and improve its homes from then on.
Following a two-year consultation process, an independent ballot of tenants was held in autumn 2006 that confirmed the transfer of the council properties to a new, not-for-profit, independent housing organisation – RCT Homes. The transfer was completed shortly before Christmas 2007.
On top of rental income and Right to Buy sales, RCT Homes will receive £219 million from the Welsh Assembly Government and it is borrowing an additional £113 million from Lloyds TSB Corporate Markets over 30 years. As a result, RCT Homes’ is in a position to invest £170 million over five years to bring all its homes up to the Welsh Housing Quality Standard and approximately £25 million each year after that.
RCT Homes is a community mutual organisation, which is a new way of running housing. Five tenants sit on the RCT Homes Board and tenants play a key role in scrutinising new policies and procedures and in overseeing RCT Homes’ major decisions.
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