Merton Council tenants have narrowly voted in favour of the transfer of their homes to a housing association.
Of the 60 per cent of residents who participated in the vote, 53 per cent of residents voted for the move to Circle Anglia subsidiary Merton Priory Homes, and 47 per cent voted against it.
If the secretary of state for communities approves the transfer, Merton Priory has promised to invest £383 million in homes and estates over the next 30 years, with £129 million coming in the first 10 years. It has also pledged £1 million for a community fund and £325,000 for a resident-directed neighbourhood improvements budget.
Councillor Linda Scott, cabinet member for housing, said: ‘The yes vote shows tenants have listened to the proposals and made an informed decision to transfer.’
Mark Rogers, chief executive of Circle Anglia, said he was ‘delighted Merton’s tenants had voted for this investment in their homes and communities’.
If the transfer is approved, it will come into effect in March 2010.