Tenants of a soon to be disbanded council housing management organisation are invited to attend what will be the last annual resident's day.

The arm's-length management organisation (ALMO), that has managed council housing in the borough since 2003, will hold the event as a "thank you" to tenants before it is taken back in-house by January, in a move expected to save Waltham Forest council at least £300,000 a year.

Financial "challenges" made it the right time for Waltham Forest council to take back full control of its housing, according to the chief executive of Ascham Homes in a statement issued last week.

Staff from both Ascham Homes and the council will be on hand at the event on July 25 from 11am to 3pm at Sir George Monoux College in Chingford Road, Walthamstow, to provide information about the transition.

There will be an “Ask Ascham” advice surgery where tenants can discuss their issues with rent and money problems.

The farewell event will also feature face painting, African drumming, a bouncy castle, garden games and table tennis.

Jo Murphy, deputy chief executive of Ascham Homes, said: “We hold a residents conference every year so we thought we’d do something a bit different and fun to encourage a wider group of tenants and leaseholders to come along.

"The event is also an opportunity for Ascham Homes to say thank you to our residents.”

Ascham Homes, which has managed 12,221 homes for the council, has twice been bailed out on the brink of financial collapse, resulting in it receiving at least £7.6million from the taxpayer.  

Nearly 300 Ascham Homes staff will become council employees under the changes. 

The council refused to comment as to whether current Ascham Homes chief executive Madeleine Forster, who signed a ten-year agreement with the council in April 2012, will join the council during the transition.

Council tenants who are interested in attending the event can email engagement@aschamhomes.org.uk or call 020 8496 4197 for further information.