Approval of National Homelessness Property Fund 1 resolution.

1.     To approve the National Homelessness Property Fund 1 resolution, confirming the extension of the fund to 30th of April 2026 to be signed by the Director of Housing Services on behalf of the Council as a limited partner of the Fund;

2.     To authorise the entering in to of any required agreements on behalf of the Council required to give effect to the resolution, subject to legal review.

In July 2025 Cabinet approved the moving of the Council’s investment of £10m in National Homelessness Property Fund 1 (HNPF1) which was due to expire, into a new “evergreen” property fund, and gave necessary delegations to the Director of Housing to enable this reinvestment.

The delegation granted is as follows:

“Delegate to the Director of Housing, in consultation with the Cabinet Member for Housing and Communities, the Deputy Leader (statutory) for Finance and Asset Management, the Director of Law, Governance and Strategy (Monitoring Officer) and Group Finance Director (S151) the authority to enter in to such agreements as necessary to make the reinvestment in to the new “evergreen” property fund subject to reassurance from the fund that all or majority of the homes owned in Oxfordshire are retained through the reinvestment and satisfactory approval of the terms of the investment agreement.”

Officers have been working with Resonance to facilitate the reinvestment since that date, working closely with other LA investors. As of December, the new fund is not yet ready, with legal work ongoing, so Resonance as manages of the fund have asked all investors to support a resolution to extend the current fund until April 2026 to give more time.

It is considered that the current delegation enables the resolution to extend HNPF1 falls within the delegation as, without taking this step, the Council will be unable to reinvest in line with the decision of Cabinet on the 9 July 2025, once a new fund is ready and established.

On this basis the report therefore recommends to the Director of Housing to support this resolution to enable the extension, agreeing to enter in to any required agreements to facilitate it. Without an extension the fund would close, risking the Councils £10m investment and the continued operation of the homes to house formerly homeless families.

Not supporting the resolution was considered but brings no advantages, and would expose the Council to considerable risk if the fund was to close with no successor fund in place.