Agenda item

14.1

To outline the allocation of funding from the Local Authority Housing Fund and to outline the proposed use to purchase homes.

To seek approval to receive and spend the funding and progress to acquiring new housing.

To approve use of capital to supplement the grant with repayments of the loan being met from rental income.

14.2

RESOLVED UNANIMOUSLY: That Strategy and Resources Policy Committee:-

(a) approves the acceptance and spend of the Department for Levelling Up, Housing and Communities (DLUHC) grant offer of £2,803,007 from the Local Authority Housing Fund;

(b) approves capital funding of £2,959,672, as set out in the report; and

(c) approves the acquisition of up to 39 properties, as set out in the report.

14.3

Reasons for Decision

14.3.1

The authority completed a validation form with the proposed minimum number of properties on 25th January 2023. Completion of the validation form doesn’t commit the local authority, only when a grant award is confirmed, and a Memorandum of Understanding (MoU) is signed by would the authority be committed to the scheme.

14.3.2

To secure the full funding the LAHF Team confirmed that ideally all purchases should be complete by 30th November 2023. If purchases are within the legal process at that point but not complete the funding for those properties will still be provided. Acquisitions currently being purchased can be included in this programme. To secure all funding, it is recommended to allocate this funding to current purchases within the Stock Increase Programme. This fund will then allow surplus funding of up to £2.8m to be generated for use within the Stock Increase Programme to deliver further additional properties.

14.4

Alternatives Considered and Rejected

14.4.1

No alternative options were considered.

15.1

The Committee received a report of the Executive Director, Operational Services  outlining the allocation of funding from the Local Authority Housing Fund and the proposed use to purchase homes.

The report also seeks approval to receive and spend the funding and progress to acquiring new housing and approval to the use of capital to supplement the grant with repayments of the loan being met from rental income.

15.2

RESOLVED UNANIMOUSLY: That Strategy and Resources Policy Committee:-

(a) approves the acceptance and spend of the Department for Levelling Up, Housing and Communities (DLUHC) grant offer of £2,803,007 from the Local Authority Housing Fund;

(b) approves capital funding of £2,959,672, as set out in the report; and

(c) approves the acquisition of up to 39 properties, as set out in the report.

15.3

Reasons for Decision

15.3.1

The authority completed a validation form with the proposed minimum number of properties on 25th January 2023. Completion of the validation form doesn’t commit the local authority, only when a grant award is confirmed, and a Memorandum of Understanding (MoU) is signed by would the authority be committed to the scheme.

15.3.2

To secure the full funding the LAHF Team confirmed that ideally all purchases should be complete by 30th November 2023. If purchases are within the legal process at that point but not complete the funding for those properties will still be provided. Acquisitions currently being purchased can be included in this programme. To secure all funding, it is recommended to allocate this funding to current purchases within the Stock Increase Programme. This fund will then allow surplus funding of up to £2.8m to be generated for use within the Stock Increase Programme to deliver further additional properties.

15.4

Alternatives Considered and Rejected

15.4.1

No alternative options were considered.