Agenda item - Home Purchase Policy

Extract from the proceedings of the Housing & New Homes Committee meeting held on the 20 September 2017 together with a report of the Executive Director Neighbourhoods, Communities & Housing (copies attached).

(1)       That 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) be approved; and

(2)       That it be agreed 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).

49.1      The Committee considered a report of the Executive Director, Neighbourhoods, Communities & Housing that request approval of a policy framework for the purchase of homes by the council and associated budget approval.

49.2      Councillor Sykes welcomed the report adding that he was pleased his Group colleagues had received unanimous support for their amendment at the Housing & New Homes Committee that would increase funding for the initiative.

49.3      Councillor Bell welcomed the report that represented a good step forward and excellent demonstration of joint working.

49.4      RESOLVED-

1)           That 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) be approved; and

2)           That it be agreed 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).