The Executive RESOLVED to:
i. approve the principles of the Council using the Local Authority Housing Funding Scheme, and forward financing the acquisition or allocation of property under this scheme.
ii. approve the principle of purchasing properties on the terms set out in the report and Exempt Annexe 1 and to delegate authority to the Executive Head of Housing in consultation with the Co-Portfolio Holders of Housing (Delivery and Operations) to approve the purchase of properties to deliver this project.
iii. approve the principle of allocation of the 11 homes as set out in ‘Allocations’ (Section 10) of this report, with the additional wording for the Allocation scheme to be approved by Executive Head of Housing and Housing Portfolio Holder (Operations) in line with Waverley’s Allocations Scheme for housing applicants.
iv. delegate to the Executive Head of Housing the authority to tender and enter into any contract to repair or bring up to standard any property purchased under this project in accordance with the principles set out in the Exempt Annexe 1
v. grant delegated authority to the Executive Head of Legal and Democratic Services to approve the final form of wording of any legal agreement related to the project.
vi. approve the reallocation of 4 two bed shared ownership homes at Ockford Ridge, Site C to allocation as homes for affordable rent for use within this scheme.
Reason for the decision:
1. The Waverley Corporate Strategy 2020-2025 sets out the Vision and Strategic Priorities for the Council. One of the strategic priorities is to ‘provide good quality housing for all income levels.’
2. Build More, Build Better, Build for Life Affordable Homes Delivery Strategy 2022 – 2025 sets out the Council’s commitment to build homes to buy or rent for households from all income levels. The strategy has been supported by evidence studies including the Waverley Housing Affordability Study 2021.
3. The Council has been allocated a total of £2,039,531 LAHF funding to provide a maximum of 40% of the cost of each property on the ‘Main Element’ and up to a maximum of 50% of the costs of the ‘Bridging Element’ (four bed property.) The use of funding supports the delivery of additional homes for those in housing need whilst reducing the financial impact on the Housing Revenue Account and level of borrowing required.
[Overview and Scrutiny Committee – Resources]