Issue - meetings

The report of the Executive Manager – Neighbourhoods is attached.

It was RESOLVED that:

a) the principle that the following new options, indicated below and set out in Appendix A, be considered for allocation of capital support from the Affordable Housing capital budget:

i) Acquisition of open market property

ii) Acquisition of empty property

iii) Loans to property owners of empty properties for refurbishment and letting

iv) Loans to third parties to support the provision of affordable housing

v) Support to ensure council led schemes are policy compliant in respect of the provision of affordable housing

b) any chosen option be subject to the approval of both the Section 151 Officer and Finance Portfolio Holder

c) a revised Disposal and Acquisition Policy for Land and Buildings be brought to Cabinet (and then Council), particularly to consider delegated authority for the acquisition of housing property.

The Portfolio Holder for Housing presented the report of the Executive Manager - Neighbourhoods providing information about the Council’s current use of the £1.6m affordable housing capital budget. This has been formed over the years from historical receipts from the sale of the Council’s housing stock and s106 contributions from developers in lieu of on-site provision. This funding has mainly been used in the past to support provision where no other funding sources exist and is currently used to fund the development of garage and amenity sites by social housing providers. However, there are now other sources of funding to support this work and provision of this kind is becoming more self-sustaining. Councillor Upton informed the Cabinet that the report made some alternative recommendations for the use of this capital funding which would further support the development of affordable housing in the Borough.

The recommendations were seconded by Councillor Moore who believed that these proposals make the most of opportunities that arise to increase the number of new affordable homes in the Borough.

It was RESOLVED that:

a) the principle that the following new options, indicated below and set out in Appendix A, be considered for allocation of capital support from the Affordable Housing capital budget:

i) Acquisition of open market property

ii) Acquisition of empty property

iii) Loans to property owners of empty properties for refurbishment and letting

iv) Loans to third parties to support the provision of affordable housing

v) Support to ensure council led schemes are policy compliant in respect of the provision of affordable housing

b) any chosen option be subject to the approval of both the Section 151 Officer and Finance Portfolio Holder;

c) a revised Disposal and Acquisition Policy for Land and Buildings be brought to Cabinet (and then Council), particularly to consider delegated authority for the acquisition of housing property.

Reasons for Decision

The opportunities for the allocation of the affordable housing budget through traditional avenues have reduced due to a range of external factors and, as such, the Council needs to review its strategy to allocate these funds for purposes for which they are held. These additional options provide the Council with the opportunity to react with greater flexibility in respect of meeting local housing needs and achieving the best return from its capital budget.