Cabinet agree to:
1. Support the purposes for setting up a housing company to:
a. Enable the delivery of new homes, that would otherwise not be delivered, with the ability to directly acquire land and construct homes;
b. Acquire homes with the aim of improving conditions, management standards and affordability for the benefit of residents;
c. Supplement existing housing programmes and funding within the council’s HRA;
d. Offer a wider range of housing tenures and costs, in addition to existing provision;
e. Create a financially viable and sustainable vehicle for the acquisition, development and management of housing;
f. Such other purposes which are ancillary to the above purposes.
2. Allocate an initial set-up budget for the housing company of £50,000, to be funded from the Business Rates Equalisation Reserve, and delegate authority to the Deputy Chief Executive to approve expenditure against this budget.