Douglas Council has housing related loans of more than £75 million, and its re-payments aren’t covered by the rental income from social housing.
The figure was revealed by the Infrastructure Minister in response to a Tynwald question on whether he would be supporting the local authority’s 10-year housing strategy.
Tim Crookall told politicians council staff had met with the DOI, but a ‘suitable source’ of funding hadn’t been identified for the scheme.
He said his department is also considering changes to the local authority housing deficiency payments, which are currently financially ‘unsustainable’:
TT merchandise company still owes government over £100k
Manx Care's annual assessment shows £15.6m deficit
House of Keys to sit this morning
Police launch winter car checks campaign
Six new buses to replace 14 year old ones
Record number of seal pups recorded
Proposed laws could mean free period products
