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’:
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