ROSSENDALE Council has unlocked a £40million investment in housing after 85 per cent of tenants agreed with proposals to transfer the authority's housing stock to association control.

The poll, held yesterday, saw 62.4 per cent of tenants vote -- with the majority being in favour of a stock transfer to help bring their homes up to scratch.

The move means tenants' homes will get around £39.9million of repairs and improvements in the first five years.

The authority has rubber-stamped the decision to put Pennine Housing 2000 in charge of its 3,970 homes.

A housing stock transfer will now go through with Green Vale Homes, a non-profit organisation, set up to manage the borough's housing.

Green Vale Homes would be run by a management board made up of tenants, council nominees and independent people with specialist skills.

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.

The vote has been welcomed by council chiefs as the authority had a £21.6 million shortfall to bring its homes up to scratch.

Lynn Hurrell, head of housing at Rossendale Council, said: "We are delighted with the result. Green Vale Homes would now be able to borrow the money needed to bring homes up to the Rossendale Standard, carry out the repair and improvements needed, while keeping rents affordable."

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.