The Head of Housing Services has submitted a report seeking approval for the receipt from the disposal of a HRA property to be used for the purpose of purchasing larger properties to address overcrowding issues.

Recommendation(s):

That the City Executive Board resolves to:

1.     Recommend that full Council include an additional budget in the HRA capital programme of £1,035,000 for the acquisition of social housing properties from the open market, funded by the receipt from the sale of 156 Walton Street; and

2.     Grant delegated authority to the Head of Housing Services to negotiate and agree such transactions, including any works required to any acquisitions, to maximise the benefit of the receipt.

The Head of Housing Services had submitted a report seeking approval for the receipt from the disposal of a HRA property to be used for the purpose of purchasing larger properties to address overcrowding issues.

Cllr Rowley, Board Member for Housing, introduced the report. He was pleased to report that a bid of over £1m had been accepted for the property. This receipt could now be reinvested, via the HRA, to purchase one or two properties for larger households for which there was a great need.

The City Executive Board resolved to:

1.    Recommend that full Council include an additional budget in the HRA capital programme of £1,035,000 for the acquisition of social housing properties from the open market, funded by the receipt from the sale of 156 Walton Street; and

2.      Grant delegated authority to the Head of Housing Services to negotiate and agree such transactions, including any works required to any acquisitions, to maximise the benefit of the receipt.