Decision details

To set out details of the potential for the authority to acquire 18 S.106 affordable homes on a development site in the district

RECOMMENDED TO COUNCIL:

1)    To approve the business case, and the acquisition of 18 affordable homes within Holbeach, for the HRA; and

2)    To delegate to the Deputy Chief Executive (Corporate Development) and S151, 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, and to identify this scheme as a named scheme in the capital programme, in accordance with the approved budget.

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

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

·         To replace homes sold to tenants via Right To Buy.)

·         Do nothing - In this event the authority would not proceed to purchase the properties.  As a consequence, the expected benefits set out in section 5 of the report, would not be realised. Officers would seek to identify alternative, appropriate schemes for consideration by the Executive or Council.