Agenda item

12.1

The report outlines the additional allocation of funding from the Local Authority Housing Fund (LAHF) and the proposed use of such funding to purchase homes.

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

12.2

RESOLVED UNANIMOUSLY: That Strategy and Resources Policy Committee:-

(a) approves the Council acting as Accountable Body for the Department for Levelling Up, Housing and Communities (DLUHC) additional grant offer of £1,230,433;

(b) approves the strategy of spending the grant as set out in the report, including the acquisition of up to 16 additional properties; and

(c) approves the additional capital funding of £1,036,768, as set out in the report.

12.3

Reasons for Decision

12.3.1

The authority completed a validation form with the proposed minimum number of properties on 25th January 2023 and submitted a signed Memorandum of Understanding (MoU) to DLUHC on 15th March 2023. The authority is required to submit the signed addendum to the MoU to DLUHC by 28th April 2023 in order to secure the additional funding of £1,230,433.

12.3.2

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 the Stock Increase Programme to deliver further additional properties.

12.4

Alternatives Considered and Rejected

12.4.1

No alternative options were considered.

12.1

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

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

12.2

RESOLVED UNANIMOUSLY: That Strategy and Resources Policy Committee:-

(a) approves the Council acting as Accountable Body for the Department for Levelling Up, Housing and Communities (DLUHC) additional grant offer of £1,230,433;

(b) approves the strategy of spending the grant as set out in the report, including the acquisition of up to 16 additional properties; and

(c) approves the additional capital funding of £1,036,768, as set out in the report.

12.3

Reasons for Decision

12.3.1

The authority completed a validation form with the proposed minimum number of properties on 25th January 2023 and submitted a signed Memorandum of Understanding (MoU) to DLUHC on 15th March 2023. The authority is required to submit the signed addendum to the MoU to DLUHC by 28th April 2023 in order to secure the additional funding of £1,230,433.

12.3.2

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 the Stock Increase Programme to deliver further additional properties.

12.4

Alternatives Considered and Rejected

12.4.1

No alternative options were considered.