The Head of Housing has submitted a report to seek Project Approval for the acquisition of properties by the Housing Revenue Account (HRA), specifically new units that may be purchased ‘off-plan’ from a developer.  The purpose is to deliver more affordable housing, and to manage these properties within the Council’s HRA let at Social Rent levels.

Recommendation:That the City Executive Board resolves to:

1.    Give Project Approval to the proposal to purchase accommodation, as set out in this report, and within the allocated capital budget for this purpose;

2.    Note that the expected budget requirement for this project was set out in the 2019/20 Council budget report, albeit at the time of drafting the budget report, the expectation was these acquisitions would receive grant as part of the Oxfordshire Growth Deal (OGD) activity, whereas use of Retained Right to Buy receipt funding is now proposed to part fund this project instead;

3.    Delegate authority to the Regeneration and Major Projects Service Manager, in consultation with the Head of Finance, to approve any property purchases for this project and to enter into agreement on the basis that in the opinion of the Head of Finance this continues to represent best value; and

4.    Note that any properties purchased are to be used as social rented housing and let to housing applicants in housing need and on the Housing Register in Oxford, as secure tenancies.

The Head of Housing had submitted a report to seek Project Approval for the acquisition of properties by the Housing Revenue Account (HRA), specifically new units that may be purchased ‘off-plan’ from a developer.  The purpose is to deliver more affordable housing, and to manage these properties within the Council’s HRA let at Social Rent levels.

The Board Member for Housing (Councillor Mike Rowley) introduced the report. He was pleased to be able to propose the purchase of 9 properties “off plan” to be used as social rented housing. He noted that this was a more cost effective means of acquiring properties than buying those already built.

The City Executive Board resolved to:

1.    Give Project Approval to the proposal to purchase accommodation, as set out in this report, and within the allocated capital budget for this purpose;

2.    Note that the expected budget requirement for this project was set out in the 2019/20 Council budget report, albeit at the time of drafting the budget report, the expectation was these acquisitions would receive grant as part of the Oxfordshire Growth Deal (OGD) activity, whereas use of Retained Right to Buy receipt funding is now proposed to part fund this project instead;

3.    Delegate authority to the Regeneration and Major Projects Service Manager, in consultation with the Head of Finance, to approve any property purchases for this project and to enter into agreement on the basis that in the opinion of the Head of Finance this continues to represent best value; and

4.    Note that any properties purchased are to be used as social rented housing and let to housing applicants in housing need and on the Housing Register  in Oxford, as secure tenancies.