The Council’s Housing Strategy set out the Council’s commitment to explore the opportunities for assisting first-time buyers and households on low-incomes to access the local housing market. Participations in the proposed Local Mortgage Scheme (LAMS) that would enable the Council to assist up to 60 low income first time buyers who are currently excluded from participation in the local housing market by the level of deposit required to obtain an affordable mortgage, with the purchase of second hand homes in Thanet. The Council in partnership with Kent County Council would provide a form of deposit guarantee by making a combined deposit of £1,000,000 with Lloyds TSB for five years which would attract sufficient investment income to offset any potential losses. The Council and KCC would share equally deposit investment income and any losses.
Decision type: Key
Reason Key: Expenditure not in budget and exceeds virement rules;
Decision status: Recommendations Approved
Wards affected: (All Wards);
Notice of proposed decision first published: 10/10/2012
Decision due: 29 May 2013 by Cabinet
Decision due: 11 Jul 2013 by Council
Lead member: Councillor David Green cllr-david.green@thanet.gov.uk
Contact: Harvey Patterson, Corporate and Regulatory Services Manager and Monitoring Officer 01843 577005 Email: harvey.patterson@thanet.gov.uk.
Consultation process
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Consultees
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