Use of s106 and Retained Right to Buy Receipts to increase the provision of more affordable housing
Decision Maker: Council, Cabinet, Chief Executive
Decision status: For Determination
Is Key decision?: Yes
Is subject to call in?: No
Cabinet, at its meeting on 22 January 2020 delegated authority to the Chief Executive, in consultation with the Cabinet Members for Finance and Asset Management, and Affordable Housing, to approve any property or development purchases over £500,000 for affordable housing, within the project approval granted at that meeting.
Council considered a report from the Head of Housing Services which had been submitted to Cabinet on 22 January 2020 seeking project approval and delegations to enable the spending of Retained Right to Buy Receipts (RRTBRs) and s.106 funding for the purpose of delivering, or enabling the delivery of, more affordable housing, through new build or acquisition activity.
Councillor Mike Rowley, Cabinet Member for Affordable Housing presented the report. He informed Council that the recommendations set out in the report had been agreed by Cabinet and announced that the funds would be used to buy properties at the Sandford Road site in Littlemore, 45 of which would be for social rent and 25 would be key worker homes. He moved the recommendation, which was agreed on being seconded and put to the vote.
Council resolved to:
1. Approve a capital budget for £3m of expenditure in 2019/20, subsidised using RRTBRs, to enable an off-plan purchase of Social Rented homes, this sum being effectively brought forward from the overall £13.2m identified in 2020/21 in the consultation budget, which would then reduce to £10.2m in 20/21 accordingly.
Report author: Dave Scholes
Publication date: 03/02/2020
Date of decision: 27/01/2020
Decided at meeting: 27/01/2020 - Council