Agenda item

*RESOLVED –

1.   That the changes to the Strategic Housing Acquisitions and Right of First Refusal Policy be approved.

2.   That the Assistant Director – Housing, in consultation with the Cabinet Member for Housing, be granted delegated authority to purchase properties that meet the requirements of the Strategic Acquisitions and Right of First Refusal Policy within the budget agreed in the Housing Capital Programme.

3.   That the revised Strategic Acquisitions and Right of First Refusal Policy be reviewed after 12 months.

4.   That, where any property being considered for purchase falls outside the criteria set out in the revised Strategic Acquisitions and Right of First Refusal policy, the Assistant Director – Housing and the Cabinet Member for Housing be required to consult with the Finance and Performance Board prior to exercising their delegated authority to make such a purchase.

REASON FOR DECISIONS

To ensure that the Council can deliver on the Council Plan objective to build or acquire a minimum of 100 new council homes.

The Assistant Director – Housing presented a report seeking approval for a revised Strategic Housing Acquisitions and Right of First Refusal Policy. 

The existing policy was adopted in February, 2015 following the council housing finance reforms that took place in 2012. Since the introduction of the policy, a budget for acquisitions had been provided in the HRA Capital Programme. In addition, the policy included financial criteria to inform acquisition decisions, including a maximum price payable for a property.

Under the Housing Act 2004, the Council has a Right of First Refusal on properties sold under Right-To-Buy within 10 years of the purchase date. The report noted that the value of former council homes had increased beyond the current policy criteria; consequently the criteria needed to be reviewed.

The revised policy, attached at appendix 2 of the officer’s report, incorporated an acquisitions calculator which had been developed to ensure that value for money was assessed and considered on an individual property by property basis, and that a property could be purchased without causing a financial loss to the HRA in the future.

*RESOLVED –

1.   That the changes to the Strategic Housing Acquisitions and Right of First Refusal Policy be approved.

2.   That the Assistant Director – Housing, in consultation with the Cabinet Member for Housing, be granted delegated authority to purchase properties that meet the requirements of the Strategic Acquisitions and Right of First Refusal Policy within the budget agreed in the Housing Capital Programme.

3.   That the revised Strategic Acquisitions and Right of First Refusal Policy be reviewed after 12 months.

4.   That, where any property being considered for purchase falls outside the criteria set out in the revised Strategic Acquisitions and Right of First Refusal policy, the Assistant Director – Housing and the Cabinet Member for Housing be required to consult with the Finance and Performance Board prior to exercising their delegated authority to make such a purchase.

REASON FOR DECISIONS

To ensure that the Council can deliver on the Council Plan objective to build or acquire a minimum of 100 new council homes.