Decision - Living Wage Joint Venture Business Plan - Exempt Category 3

(1)      That the Committee agrees the Home Purchase Policy at Appendix 1 which enables the HRA to purchase homes, both through the right of first refusal and on the open market (subject to business case).

(2)      That it is noted that the policy allows the purchase of accommodation up to £250,000 subject to the purchase meeting the policy criteria.

(3)      That it is noted that that the scheme and future budget allocation will be reviewed as part of the HRA budget setting process for 2018/19.

(4)      That the Committee recommends to Policy Resources & Growth Committee to approve a budget of £2.000m within the HRA capital programme 2017/18 for the purpose of purchasing former council homes, to be funded from Right to Buy receipts (£0.600m) and HRA borrowing and/or reserves (£1.4m).

(5)      That the Policy, Resources & Growth Committee approve a budget of £2.000m within the HRA Capital Programme 2017/18 for the purpose of purchasing former council homes, to be funded from Right to Buy receipts (£0.600m) and HRA borrowing and/or reserves (£1.4m).

(6)      That for the duration of the pilot scheme, the allocation should seek to provide 75% general needs accommodation unless the business case is not viable, then 25% to temporary accommodation, and will charge social rents up to living wage rents, subject to the business case model (appendix 2 shows that no subsidy is needed).