The Director of Environment and Housing and the Director of City Development submitted a joint report providing details of a proposed approach towards investment in new council housing, funded through the Housing Revenue Account. In addition, the report sought approval of the proposed programme which would contribute towards the overall level of resources available to support housing priorities as well increasing the Council Tax base and the level of New Homes Bonus receivable.
As part of the introduction to the submitted report, the Executive Member for Neighbourhoods, Planning and Support services thanked all the officers who had been involved in the development of this programme.
Members received further information regarding the debt ceiling which had been established by Government in respect of the amount of borrowing that could be undertaken through the Housing Revenue Account.
RESOLVED –
(a) That the development of an investment programme, as described within the submitted report, be approved, including the use of Right to Buy receipts.
(b) That the injection of £28,512,000 into the Capital Programme be approved.
(c) That the authority to spend £40,623,000 be authorised, with a detailed programme being reported to a subsequent meeting of the Board.
(d) That further authority to spend of £2,015,000 be authorised, subject to a successful bid to the Homes and Communities Agency (HCA).
(e) That the detailed development of the investment programme be delegated to the Directors of City Development (in respect of land use) and Environment and Housing (in respect of programme and scheme details and cost).