4 Housing Revenue Account (HRA) Budget Options 2019/20 PDF 1 MB
The Chairman drew Members’ attention to key elements of the report, namely: the 1% rent reduction; rectification works required for Victoria House; and funding for the Wickham Community Land Trust.
The Head of Housing Finance advised that the calculations within the report were prepared prior to the Government announcement about the removal of the HRA debt cap. The results of the recent consultation on “right to buy” sales was also awaited. Once both had been received it would be possible to undertake a full review of options. The Chairman stated this would include a plan for providing additional new homes.
Mrs Gill and Mr Fawcitt confirmed that they had met with the Head of Housing Finance prior to the meeting and TACT were happy with the contents of the report.
In response to Members’ questions, the Corporate Head of Housing (Interim) advised that she could provide a profile of types of properties sold under “right to buy”. It was highlighted that over the previous year, the Council had built more new homes than had been sold under “right to buy”.
The Committee agreed to the following for the reasons outlined above and set out in the report.
RECOMMENDED (TO COUNCIL):
THAT SUBJECT TO THE CORPORATE HEAD OF HOUSING BEING SATISFIED THAT SUITABLE DELIVERY ARRANGEMENTS ARE IN PLACE AND THE COMPLETION OF A FUNDING AGREEMENT BETWEEN WICKHAM COMMUNITY LAND TRUST (WCLT) AND THE COUNCIL, A SUPPLEMENTARY CAPITAL ESTIMATE OF £410K BE APPROVED AND A GRANT AWARD OF THIS SUM BE MADE TO WCLT FOR THE PROVISION OF AFFORDABLE HOUSING.
1. The revised forecasts for the HRA for 2018/19, as detailed in Appendices 1 and 2 be approved.
2. The amended capital programmes for Housing Services and New Build Projects together with the funding schedule for 2018/19 to 2027/28 as detailed in Appendices 3, 4 and 5 are approved.
3. The rent reduction for Council dwellings of 1% in 2019/20, as highlighted in paragraph 11.7, in line with MHCLG rent setting policy is approved.
4. The latest forecast for the rectification works, as outlined in paragraph 11.11, for Victoria House are noted.