DECISION

1.    Noted the current position with regard to the Council’s housing provision and anticipated housing demand as set out in paragraph 3 and Appendix A to the report.

2.    Authorised the Corporate Director, Place, to purchase housing

stock either within or outside the borough as outlined below, including properties with a purchase value exceeding £250k and to procure services and works to bring the properties up to the required standards for letting where necessary.

3. Authorised the Corporate Director, Place, to procure services and works and to let contracts in the delivery of the new homes in as far as required to fulfil the recommendations detailed below.

4.    Agreed to adopt a capital estimate of £30million for the purchase of up to a maximum of 100 properties out of borough, subject to these satisfying conditions of affordability, suitability, and good quality management.

5.    Agreed to allocate £9m retained Right to Buy Receipts to fund 30% of the capital costs and £21m to finance the residual 70% of the capital costs from Council capital resources, including undertaking prudential borrowing within the General Fund as necessary.

6.    Authorised the Corporate Director, Place, to utilise surplus Council properties for temporary housing, and to procure services and works for conversion of those units as appropriate.

7.    Agreed to adopt a capital estimate of £2.25million to create up to 50 units of temporary accommodation from surplus council properties.

8.    Authorised the Corporate Director, Place, to investigate the use of Off-Site Manufacturing for temporary accommodation supply.

9.    To require the Corporate Director, Place, to consult the Mayor regarding any purchase beyond a 60 minute journey time from the Borough or within any District outside London, other than those immediately bordering another London Borough.

10.Agreed to require the Corporate Director, Place to consult the Corporate Director, Resources regarding any purchase that would result in the portfolio average breakeven period exceeding 10 years or the net yield achieving less than 10%.

Action by:

CORPORATE DIRECTOR, PLACE (A. DALVI)

(Interim Divisional Director, Housing and Regeneration (M. Baigent)

(Acting Divisional Manager (J. Coker)