In July 2017, Cabinet authorisation was given
for an officer decision to determine the appropriate tenure for the
21 units approved from the Shared Ownership and Affordable Housing
Programme (SOAHP). At the point of the original Site Cluster
approval in July 2017, the proposed tenure mix, which was subject
to change, included 12 “rent to buy” homes.
The July report had identified that the financial modelling
completed to date showed that in the long term, the Council’s
financial contribution to the shared ownership homes would be
recovered, but the rent to buy product was considered more
challenging. Rent to buy is an innovative new product, introduced
to try to help different groups to get onto the property ladder and
the Council was aspirational in offering this as part of the
Clusters programme. However the report identified that if we were
unable to mitigate against any adverse impact on the HRA and
concerns remained over value for money, then the homes could
alternatively be provided as additional shared ownership units or
additional council rented homes.
On this basis a decision is required to agree that the 12 original
‘rent to buy’ homes will now be delivered as shared
ownership – this is still an acceptable use of the SOAHP
funding allocation.
Decision type: Non-key
Decision status: Recommendations Approved
Wards affected: (All Wards);
Notice of proposed decision first published: 14/03/2019
Open/Exempt: Open;
Decision due: 5 March 2019 by Strategic Director of Adult Care, Housing and Public Health
Lead director: Strategic Director of Adult Care, Housing and Public Health
Department: Adult Care, Housing and Public Health
Date Report and Background Papers will be available: 5 March 2019