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Decision details

Acquisition Strategy - Stock Increase Programme

Decision Maker: Cabinet Member for Neighbourhoods and Community Safety

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: Yes

Purpose:

To present an updated Acquisition Strategy for approval, which sets out the principles, approach and governance for the acquisitions element of the Stock Increase Programme.

 

Decision:

That:-

 

(a)  the Acquisition Strategy attached to the report at Appendix 1 is approved for immediate implementation;

 

(b)  the amendment to the Council’s Allocations Policy to enable owners to sell their properties to the Council and remain as secure tenants and to enable landlords to sell their apartments to the Council with a small proportion of sitting tenants, as set out at Appendix 2 to the report, is agreed; and

 

(c)  the Allocations Policy amendment be implemented with immediate effect.

 

 

Reasons for the decision:

  • Sheffield has a shortfall in affordable housing of 902 units p/a, as identified in the Strategic Housing Market Assessment. This strategy will help to deliver additional good quality affordable homes to meet this need;
  • The Council has committed to an ambitious SIP and this strategy is needed to ensure that properties meet the needs of residents;
  • The strategy will encourage acquisitions of a range of types and locations which will expand the current offer the Council is able to make. This will broaden affordable housing opportunities for the people of Sheffield and create mixed communities;
  • The strategy will focus resources towards the most acute needs across the city, meeting strategic priorities including supporting young people and care leavers, older people and reducing homelessness;
  • The strategy will ensure that opportunities for acquisitions are assessed quickly both for the financial case and the strategic one. This will create a balanced programme and will remove the scheme by scheme assessment.

 

 

Alternative options considered:

The alternative option is choosing not to update the acquisition strategy. Opportunities for acquisitions would be appraised based on the 2015 strategy which is informed by out of date evidence. The strategic priorities are also outdated.

The strategy would not cover new build properties, land acquisitions or acquisitions for specialist provision. These would be assessed on separate principles and guidance.

 

Publication date: 29/03/2021

Date of decision: 29/03/2021

Effective from: 07/04/2021

Accompanying Documents: