In October, the government abolished a long-standing cap on how much councils are allowed to borrow through their Housing Revenue Accounts (HRAs).
Theresa May’s surprise announcement came just three days after bidding closed for £1bn of additional HRA borrowing headroom over three years offered to town halls at the 2017 Autumn Budget.
Ministers have said that huge interest for that programme was instrumental in the decision to scrap the HRA cap.
Following an Inside Housing Freedom of Information Act request, the Ministry of Housing, Communities and Local Government (MHCLG) has now disclosed details of the bidding for the first time.
The figures revealed that nearly £2.9bn-worth of bids were submitted – almost three times the amount offered – by 75 different councils.
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