ROSSENDALE Council has taken a major step towards unlocking a £40million investment after choosing a partner to help run its housing stock.

The authority has rubber-stamped the decision to put Pennine Housing 2000 in charge of its 3,970 homes. Tenants will now be balloted later this year for their support.

If they back the choice a housing stock transfer will go through with a non-profit organisation set up to manage the borough's housing, expected to be called Green Vale Homes.

Under Government rules, councils that transfer stock to "social landlords" can access vast amounts of cash to lift the properties -- in Rossendale's case around £40m.

Coun Alyson Barnes called the decision a "lengthy and thorough process" and added: "The final decision was not an easy one but I can assure everyone the process was inclusive, transparent and well considered."

Fifteen housing groups expressed an interest but were whittled down to five before Pennine Housing was chosen by a steering group last month.

Council director of housing management services, Lynn Hurrell, said the company was chosen as the authority felt it could deliver the type of services tenants want.

Pennine Housing has said it can make a "real difference" to Rossendale.

The firm, based in Halifax, was set up for the transfer of Calderdale Council's 12,700 homes in 2000.

Tenants will have the chance to find out more at a new advice centre, the Home Choice Shop in the Valley Centre, Rawtenstall, which opens tomorrow at 2.30pm.

It will be open Tuesdays, Thursdays, Fridays and Saturdays, 10am until 4pm.