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 RESOLVED: Cabinet;
 

a)    
Noted and approved the Housing Revenue Account (HRA) Capital
Budget and Viability Appraisal for the Buckton Fields Affordable
Housing Opportunity as outlined in exempt Appendix A.

b)    
Delegated authority to the Director of Communities and
Opportunities, in consultation with the Cabinet Member for Housing,
the Chief Finance Officer, and the Monitoring Officer, to negotiate
and enter into a Sale and Purchase Agreement – and any other
necessary agreements – with Taylor Wimpey, in order to
implement the proposals outlined in this report. This delegation is
subject to the satisfactory completion of all due diligence and
independent valuations and must adhere to the terms set out in the
Council’s Offer and this report.
 
REASONS
RESOLVED:
 

1.    
Accepting these recommendations will enable the acquisition
of 36 flats, with 29 to be let on a social rent tenure and a
further 7 to be used for temporary accommodation. As these 1 and 2
bed flats are complete with all necessary documentation and
Building Control sign off in place they are ready for occupation,
this represents a significant and immediate opportunity to address
the need for new affordable homes and delivers on the objectives of
the Council’s Housing Strategy and Affordable Homes Delivery
Plan.

•        
Theme 1 of the Housing Strategy determines that WNC is
committed to “delivering the homes people need and
can afford”, additionally point 9 of the
Affordable Homes Delivery Plan is to “accelerate the supply of new Council
homes”.

2.    
This scheme will utilise already approved budgets, drawing
down funds from the HRA Capital Programme ‘new-build
pool’ and the Local Authority Housing Fund budget. This is
detailed in exempt Appendix A.

3.    
Taking this opportunity enables us to provide much needed
social rented housing and temporary accommodation, as well as
avoids the risk of these units standing empty for a prolonged
period of time, leading to an overall decrease of this year’s
planned affordable housing provision in West
Northamptonshire.

4.    
Furthermore, the Council bringing forward these units for
social rent and TA, as opposed to the intermediate
‘rent-to-buy’ tenure previously planned as detailed
below, will further support us in tackling our most acute housing
need.

5.    
Proceeding with the acquisition of these units represents a
time and cost-effective way to deliver more social rented
accommodation and TA at pace, contributing towards addressing
housing need and delivering on key strategic objectives of the
Council.
 
ALTERNATIVE
OPTIONS:
If the Council
does not act to secure these units there is a risk that they will
remain vacant for the foreseeable future, preventing them being let
to households in West Northamptonshire that need affordable homes.
The Council would not typically seek to take on Section 106 homes
as they are not eligible for Homes England AHP grant funding.
However, given our local need for affordable housing, the risk of
these units remaining vacant and the significant discount offered
by Taylor Wimpey there is a robust case for the Council to acquire
these blocks.