Issue - meetings

Acquisition of market dwellings to provide new affordable housing for the HRA

Meeting: 29/10/2019 - Cabinet (Item 49)

Acquisition of market dwellings to provide new affordable housing for the HRA

To set out details of a commercial opportunity relating to the potential for the HRA to acquire 7 open market houses on a development site within the district (report of the Portfolio Holder for Housing and Executive Director – Commercialisation (S151) enclosed).

Additional documents:

Minutes:

Consideration was given to the report of the Portfolio Holder for Housing and Executive Director – Commercialisation (S151) which provided details of the acquisition of seven open market houses on a development site within the district to be provided as affordable housing.

 

DECISIONS:

 

a)    That the business case relating to acquisition of seven homes for the HRA be approved.

 

b)    That subject to council approval of Recommendation (3) the detail of agreeing the contract, reviewing the due diligence and completing the purchase be delegated to the Executive Director for Commercialisation in consultation with the Portfolio Holder for Housing and Health.

 

RECOMMENDED TO COUNCIL:

 

c)     To amend the Capital Programme to identify this project as an approved scheme in the 2019/20 budget.

 

(Other options considered:

·      To do nothing.  Under this option the authority would not proceed with the acquisition of the properties.  The offer would be withdrawn and expected benefits listed within the report would not be realised.

Reasons for decision:

·      The recommendation to proceed with the offer to purchase seven homes relates to the expected benefits as detailed within the report).