Decision details

1.      To approve the business case and approve the acquisition of 12 affordable homes within Surfleet, for the HRA.

2.      To delegate to the Assistant Director of Strategic Growth & Development to agree the contractual matters (including the 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.

3.      To delegate authority to Assistant Director of Strategic Growth & Development to agree the value of shared ownership properties at initial sale, resale, and acquisition of additional shares, for this site and shared ownership properties on other sites.

4.      To reprofile the approved HRA capital programme to show this scheme as a named project and amend the budget line for ‘schemes subject to detailed approval’ accordingly.

1.      To enable new affordable homes to be delivered which meet identified housing need in the district.

1.      To provide a return on investment as set out in the financial evaluation provided at Appendix A.

2.      To replace homes sold to tenants via right to buy.

3.      To deliver housing solutions which meet local needs and aspirations to ensure that our residents have access to a range of housing options in the district.

4.      To ensure the correct delegations are in place to deliver this project.

Do nothing. In this event, the authority would not proceed to purchase the properties. As a consequence, the expected benefits set out in the Reasons for Recommendations section of this report, would not be realised.  Officers would seek to identify alternative, appropriate schemes for consideration by the Executive or Council.

None.