Decision Maker: Cabinet
Decision status: For Determination
Is Key decision?: Yes
Is subject to call in?: Yes
To set out details of the potential for the authority to acquire eight s106 affordable homes on a development site in the district.
a) To approve the business case and approve the acquisition of eight homes within Surfleet for the HRA;
b) To delegate to the Executive Director – Commercialisation (S151) to agree the contractual matters (including any terms and conditions which may represent a minor variation to the scheme approved in the business case) such as signing the contract/transfer document and other incidental actions that may be required and approving the associated due diligence and valuation required to purchase the properties;
RECOMMENDED TO COUNCIL:
c) To amend the Capital Programme to identify the project as an approved scheme in the 2021/22 Budget.
· A return on investment, and the generation of capital receipts from the sale of the initial tranche of shared ownership properties;
· The delivery of eight additional dwellings into the HRA;
· Meeting housing need;
· The replacement of homes sold through Right to Buy;
· The new homes could be part-funded from the time limited Right to Buy receipts; and
· Market confidence.
· Do nothing – under this option, the authority would not proceed to purchase the properties, and as a consequence, the expected benefits listed in Section 9 of the report would not be realised. Officers would seek to identify alternative appropriate schemes for consideration.
Reason Key: Incurring expenditure above £75,000 threshold in respect of revenue/£180,000 in respect of capital;
Wards Affected: Pinchbeck and Surfleet;
Report author: Caroline Hannon
Publication date: 28/04/2021
Date of decision: 27/04/2021
Decided at meeting: 27/04/2021 - Cabinet
Effective from: 07/05/2021