Decision details
Oxford City Council Equity Loans Scheme
Decision Maker: Assistant Chief Executive
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
Purpose:
In July 2013, the City Executive Board
delegated how the loans scheme would operate to officers.
The decision was needed to improve the choice of open market
properties available for loan applicants to buy. Previously, areas
eligible for purchase were limited to Oxford and its immediate
environs and this excluded a number of areas offering better value,
particularly for first time buyers.
Decision:
The decision was made to change the definition in the Equity Loans Scheme so that loan applicants can purchase property being located within a reasonable travelling distance of work. This is interpreted as being within a maximum travel time of an hour and a half from Oxford.
Alternative options considered:
The other option was not to change the
scheme's definition for where applicants could purchase a home.
This would not improve the situation as many applicants cannott
afford to purchase property in Oxford.
Publication date: 06/04/2017
Date of decision: 28/03/2017
Accompanying Documents:
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