National Homelessness Property Fund - agreement of two year extension to investment period
Decision Maker: Head of Housing Services
Decision status: Recommendations approved
Is Key decision?: No
Is subject to call in?: No
Agreement for the Council to participate in the investor vote to extend the investment period by two years.
To agree to a two year extension to the investment period of the National Homelessness Property Fund as described in the report to the City Executive Board on 30 July 2015.
Reasons for the decision:
During 2020 the Fund Manager, Resonance, reached the conclusion that the outbreak of the pandemic had made a deadline of December 2022 for the establishment of a follow-on fund a much more risky scenario and it was therefore in the interests of investors to extend the life of the NHPF to December 2024.
Alternative options considered:
Not agreeing to the extension of the investment period beyond December 2022 would be a risky option given the impacts of the pandemic and is not considered to be in the interests of investors including the Council.
Signed off by senior officers:
Stephen Clarke, Head of Housing Services.
Decision taken in consultation with Cllr Mike Rowley, Cabinet Member for Affordable Housing, Nigel Kennedy, Head of Financial Services and Susan Sale, Head of Law and Governance.
Publication date: 16/02/2021
Date of decision: 11/02/2021