Agenda item - Housing Delivery Options - Wholly Owned Housing Company

Report of Executive Director, Economy, Environment & Culture (copy attached) together with an extract from the proceedings of the Housing & New Homes Committee meeting held on 16 November 2016 (to follow).

That the Committee:

1)    Give delegated authority to the Executive Director of Economy, Environment & Culture in consultation with the Executive Lead Officer for Strategy Governance & Law and Executive Director of Finance & Resources to:

a.    progress a wholly owned Special Purpose Vehicle or Housing Company to support the provision of additional homes in the city;

b.    agree and authorise execution of documentation required to implement the model;

c.    make the appointments to the management board;

2)    Note that future projects will come back to committee for approval including any business plans and the disposal of land/sites.

93.1         The Committee considered a report of the Executive Director for Neighbourhoods, Communities & Housing in relation to Housing Delivery Options - Wholly Owned Housing Company, the Chair noted that the report had been referred from the Housing & New Homes Committee meeting on 16 November 2016 as set out in the circulated extract. The report covered a wholly owned Special Purpose Vehicle or Housing Company.  The proposal was informed by outcome of the Housing Market Intervention options study presented to Housing & New Homes Committee in March 2016 who approved the report and agreed to the procurement of legal and other specialist advisers to pursue this work.  Following the deferral of the previous report at the September meeting Members requested that the proposal for a wholly owned Special Purpose Vehicle or Housing Company and a separate the proposal for a Joint Venture with Hyde Housing be presented in individual reports.

93.2         In response to Councillor Janio it was explained that the Council was looking at different ways of increasing the housing supply in the city; company would give the Council greater flexibility, and was similar to work being undertaken by many other local authorities.

93.3         In response to Councillor G. Theobald it was clarified that all decisions to purchase would be come through the Housing & New Homes Committee, and any with significant financial implications would come through Policy, Resources & Growth Committee.

93.4         The Chair then put the recommendations to the vote.

93.5         RESOLVED - That the Committee:

1)        Give delegated authority to the Executive Director of Economy, Environment & Culture in consultation with the Executive Lead Officer for Strategy Governance & Law and Executive Director of Finance & Resources to:

i)       progress a wholly owned Special Purpose Vehicle or Housing Company to support the provision of additional homes in the city;

ii)     agree and authorise execution of documentation required to implement the model;

iii)    make the appointments to the management board;

2)        Note that future projects will come back to committee for approval including any business plans and the disposal of land/sites.