Decision details

1.            That the appointment of three senior officers to the Board of Directors be approved:

a)    Strategic Director – Place

b)    Corporate Head of Housing

c)    Housing Finance & Resources Manager.

2.            That the approval process for housing company development opportunities be approved; with authority to agree Terms of Reference for the Housing New Build Panel delegated to the Corporate Head of Housing in consultation with the Portfolio Holder for Housing and Asset Management. This proposal was considered and supported by the Business and Housing Policy Committee on 18 June 2019.

3.            That the £10 million General Fund expenditure be approved on the basis of a 25:75 equity/loan split, to be drawn down as the housing company requires the funds, and to be funded by capital receipts and prudential borrowing proportionally within each tranche.

4.            That the Partnered Home Purchase budget be reduced by £1.2m in order to finance the equity purchase, noting that the Council may increase this budget in the future subject to future capital receipts.

To Council:

5.            That Council gives permission to establish a company limited by shares and wholly owned by the Council to deliver and manage units for sub-market rent, shared ownership accommodation and units for outright sale.

6.            That the Council approves the establishment of the Housing Company Scrutiny Panel and nominates three members to sit on the Panel.