Decision details

A report was presented to Cabinet setting out proposals for phase 4 of the council’s affordable housing development programme. The budget for this, totalling £8.822m, having been previously agreed by full council.

It is proposed to deliver the programme through a combination of the acquisition of homes and land for homes and by developing infill sites in council ownership for Affordable Rent.

Cabinet agreed that the capital funding of £8.822m for the approved phase 4 development programme be allocated as set out at paragraph 2.4 to the Cabinet report.

The programme will ensure the delivery of around 36 new or acquired homes for affordable rent and will commit all of the available funding, including the right-to-buy 1-4-1 receipts allocated to this programme.

Other options considered were:

1. Use the 1-4-1 receipts to provide grant funding to a Registered Provider (Housing Association) to provide affordable homes. This option was not recommended as sufficient match funding has already been identified and approved within the council’s programme. In addition new homes provided within the Housing Revenue Account add value to the council’s HRA business plan over the 30 years of its life.

2. Return the RTB receipts to central government with interest at base rate + 4%. This option was not recommended as it would not help increase the supply of new homes locally, would not utilise the previously approved capital programme and would not support the long term sustainability of the council’s HRA Business Plan.