Decision Maker: Cabinet
Decision status: Recommmend Forward to Council
Is Key decision?: Yes
Is subject to call in?: Yes
To seek approval to commit capital to purchase
s106 rented dwellings.
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.
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
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.
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