Rutland County Council officially transferred its housing stock to private firm Spire Homes.
The takeover was formally concluded on Monday last week with civic leaders showing up at Oakham's Derwent Drive to endorse the transfer at a ceremony.
Spire Homes has pledged to splash out £21m on upgrades during the next five years to its newly-a
cquired portfolio of 1,243 properties - including roof repairs, the installation of kitchens and bathrooms and new central heating systems.
A Rutland Management Board has been formed to provide a supervisory role, consisting of three tenants, three county councillors, two independent people and a representative from Spire Homes' Board.
Mervyn Waldapfel, a tenant and member of the Rutland Management Board, said it was likely many homes would need a "complete overhaul", which could lead to tenants being temporarily re-housed for up to two months.
He said any upheaval would be outweighed by the benefits.
He said: "After nearly a year of talking about how Spire Homes could improve our homes, it seems that there will be real progress now that the housing has finally transferred from the council. It's great news for tenants."
Among the sites earmarked for significant development are pre-reinforced concrete properties, including Newtown Crescent in Uppingham.
A Spire Homes said the nature of these sites, referred to as temporary properties, would require "a lot of work". Further surveys are planned to ascertain exactly what would happen.
Meanwhile, work has already begun on homes in Oakham's Derwent Drive, with external work to the properties. In Uppingham's Cottesmore Road new gas central heating is presently being invstalled.v
Spire Homes says it has notified residents of the work being carried out in the next year but it will not be until Christmas that the rest of the five year plan is made public.
Company chairman John Farrar has promised to keep tenants consulted. He added: "I'm delighted that the housing transfer has now taken place and we can start to deliver our promises made to tenants to radically improve their homes and housing service."
Earlier this year seventy-five per cent of council house tenants voted in the ballot which was carried out by the independent organisation Electoral Reform Services, with 87 per cent in favour.
Although Spire Homes has been managing the council's housing since 2006, the transfer will mean it now owns the homes and become s the tenants' new landlord.
