To set a rent for 25 new shared ownership properties, at 2% of the value of the unsold equity share.

The Chief Executive, in consultation with the cabinet members for Finance and Affordable Housing, used her urgent powers to make the decision to set the rent levels for the 25 shared ownership properties at Rose Hill site at 2% of the value of the unsold equity share.

The council does not currently have a rent setting policy for shared ownership properties, with properties currently being marketed and due to be handed over in June. Paragraph 18.8 of the Council’s Constitution allows for Council to agree the setting of charges for rents. Ahead of the next Cabinet and Council meetings a urgent decision is required to protect the Council’s interests

New meeting of Cabinet and Council – impractical, in particular during an election.

To have moved ahead with advertising and sales without legal power to set rent level– carrying financial and reputational risk.

Caroline Green, Chief Executive, in consultation with the Head of Financial Services, Head of Financial Services, Head of Housing and the Cabinet Member for Affordable Housing.