Decision details

Acquisition of s106 affordable housing for the Housing Revenue Account

Decision Maker: Cabinet

Decision status: Recommmend Forward to Council

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

To seek approval to commit capital to purchase s106 rented dwellings.

Decision:

1)    That the business case and the acquisition of three homes for the HRA be approved; and

 

2)    That the Deputy Chief Executive (Corporate Development) and S151 Officer be delegated to agree the contractual matters (including any variation to the terms and conditions which may represent a minor departure from the scheme approved in the business case) including signing the contract/transfer document, the apportionment/use of RTB receipts to be utilised and other incidental actions that may be required and approving the associated due diligence and valuation required to purchase the properties.

 

Reasons for the decision:

The following benefits would be realised:  a return on investment; the delivery of three 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 RTB receipts; and market confidence

Alternative options considered:

Option 2: Do Nothing.

Under this option, the authority would not proceed to purchase the properties. As a consequence, the expected benefits listed in Section 9 will not be realised. Officers would seek to identify alternative appropriate schemes for consideration by the Executive.

Interests and Nature of Interests Declared:

None

Reason Key: Incurring expenditure above £75,000 threshold in respect of revenue/£180,000 in respect of capital;

Wards Affected: Crowland and Deeping St Nicholas;

Contact: Caroline Hannon, Head of Delivery Email: Caroline.Hannon@sholland.gov.uk, Katie Nicol, Housing Development Programme Manager Email: Knicol@sholland.gov.uk, Jordan Quincey, Housing Development Project Manager Email: Jordan.Quincey@sholland.gov.uk.

Report author: Caroline Hannon

Publication date: 14/12/2021

Date of decision: 14/12/2021

Decided at meeting: 14/12/2021 - Cabinet

Effective from: 23/12/2021

Accompanying Documents: