Purpose

To consider approving the purchase of 21
new-build homes in Fairfields, using Right to Buy
receipts.

Content

1.         That the
public and press be excluded from the meeting by virtue of
Paragraph 3 (Information Relating to the Financial or Business
Affairs of the Authority) of Part I of Schedule 12A of the Local
Government Act 1972, in order that the meeting consider the exempt
Annex to the report.

2.         That the
purchase of 21 new-build homes in Fairfields using Right to Buy
receipts (1-4-1 receipts) and developer S106 affordable housing
contributions, be agreed, increasing council housing stock and
helping to ensure that retained 1-4-1 receipts are not returned to
the Government with interest.

3.        
That spend of £4.2m for the freehold plus up
to £60k for on-costs including the use of £3.2m
of right to buy receipts and approximately £1m of S106
affordable housing funds, be
approved.

4.        
That authority be delegated to the Director of
Environment and Property, in consutation with the Assistant
Director of Finance and the Head of Legal Services, to finalise
arrangement for the purchase.

5.        
That authority be delegated to the Director of
Finance and Resources and the Director of Environment and Property,
in consultation with the Cabinet member for Housing, to consider
and record by officer decision future purchases of individual homes
or flats up to £1m using Housing Revent Account funding and /
or right to buy receipts.