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 twelve new build homes for Affordable Rent tenure, on a development site in the district.
a) To approve the business case and approve the acquisition of twelve homes for the HRA;
b) To delegate to the Executive Director – Commercialisation (S151) to agree the funding and 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, making an application for Homes England grant funding, utilising Right to Buy sales receipts for this project 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 this project as an approved scheme in the 2021/22 Budget.
· A return on investment;
· The delivery of twelve additional dwellings into the HRA;
· Meeting housing need;
· The replacement of homes sold through Right to Buy;
· The new homes can be part-funded from the time limited Right to Buy receipts;
· Alternatively, in lieu of utilising Right to Buy receipts, the new homes could be part-funded via Homes England grant funding,
· Additional funding streams will improve the financial performance of the project; 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: Spalding St Paul's;
Report author: Katie Nicol
Publication date: 28/04/2021
Date of decision: 27/04/2021
Decided at meeting: 27/04/2021 - Cabinet
Effective from: 07/05/2021