Purpose

This report seeks the Executive
Mayor’s approval to buy back more ex-council residential
units and other properties from the market to support the growing
Housing needs. This additional opportunity has arisen owing to the
introduction of flexibilities on use of Right to Buy (RTB) Capital
Receipts for financial years 2024/25 and 2025/26. The Council has,
to date, acquired 17 properties and has 8 properties in progress
close to being completed. The Council is targeting acquiring 50
properties by the end of this financial year.
 

Content

RESOLVED
to;
 
 
1.1         
To approve the acquisition of properties within the
HRA (in accordance with the Housing Strategy) at a value of up to
£15.026m for financial year 2024/25, to be fully funded from
Right to Buy capital receipts.
 
1.2         
To note that previously the budget of £2m was
projected to be spent in conjunction with RTB monies however with
the new flexibilities on RTB monies this spend is now being fully
funded through Right to Buy capital receipts.
 
1.3         
To note that each property purchase will be subject
to due diligence and approval by the Corporate Director of
Resources & S151 Officer, in consultation with the Corporate
Director of Housing, under existing delegated powers.
 
1.4         
To delegate authority to the Corporate Director of
Resources & S151 Officer to enter into the new retention
agreement with the Ministry of Housing, Communities & Local
Government in relation to the increased flexibilities for use of
RTB receipts.