Decision details

The Chief Officer Asset Management & Regeneration has agreed to:

a) Support in principle approval for the purchase of 8 x 1 bedroom properties which shall provide self-contained additional accommodation for RSAP round 5. The deadline to deliver the allocation is by no later than March 2024.

b) Approve the injection of £400,000 of grant funding into the HRA Council House Growth capital programme to enable the scheme to deliver the programme.

c) Note that Director approval for the acceptance NSAP round 1, RSAP round 2 & RSAP R3 and necessary injection of £3,909,000 HRA funding was provided Dec 2020 and Dec 2021 for the delivery of 30 x 1 bed properties. Following assessment of spend to date a cashflow of £1,132,100 remains available to fund RSAP R5. Based on £145,000 per property x 8 (£50,000 from Homes England & £95,000 from the Council). £760,000 is the requirement / Council element (£95,000 x 8) which shall be funded from the previously approved and remaining budget.

d) Note that property addresses cannot be provided at time of drafting this report, therefore, approval is requested to process each individual property purchase as a Significant Operational Decision (using the same process as agreed on the Right of First Refusals purchases) under the Director of City Development’s scheme of delegation.