Decision details

Further to Minute 320 (8 March 2005), received a report setting out how the Council will achieve the Government’s decent homes target and meet tenants’ / leaseholders’ aspirations.  The report brings forward proposals to implement the way forward for Housing Futures and demonstrates that this can be achieved in terms of capital and revenue resourcing by the mixed and localised approach adopted by the Council.

Agreed, in order to deliver the decent homes target, tenants’ / leaseholders’ aspirations and aid delivery of the regeneration of the Borough as well as meet the government’s deadline for a signed off option appraisal by July 2005, to:

1. The proposed strategy for delivering the Decent Homes and the Housing Futures Standard as recommended by the Housing Futures Forum Business Planning Meeting held on 11 May 2005 (attached to the report as Appendix A, which is to be submitted to Government Office for London);

2. Note the results of the Tenants’ Survey which supports the way forward recommended by the Housing Futures Forum;

3. Note the results of the Stock Condition Survey;

4. Note the outcome of the financial appraisal;

5. Officers setting up an interim Private Finance Initiative (PFI) project team to prepare for submission of an expression of interest in October 2005;

6. Delegate authority to the Director of Housing and Health to make any structural and procedural changes to facilitate implementation of the stock option appraisal;

7. The release of £24 million of corporate capital resources to support the future investment of retained housing stock, as set out in paragraph 4(a) of the report, and repay £18m from 2011 / 2012 onwards;

8. Delegate authority to the Director of Housing and Health in consultation with the Director of Finance to carry out a review of the £24m capital resources required to support the future investment of retained housing stock to a potentially lower sum prior to submission of the final model to the Government Office for London;

9. Authorise Officers to utilise 50% of the usable ‘Right to Buy’ capital receipts for housing;

10. Note the implications on the wider council Capital Programme of the funding package for housing futures using £118m of capital resources that could be used for other then housing as detailed in paragraph 5.5.4 of the report;

11. Note that the overall capital investment in housing would be subject to the normal annual review of the Capital Programme as part of the annual budget setting process, based on the approved Housing Futures – Option Appraisal;

12. Delegate authority to the Director of Housing and Health and the Director of Finance to amend the final version of the model prior to final submission; and

13. Undertake a regular review of the final model every three years to coincide with the Housing Revenue Account business plan review.

14. Note that the Director of Finance would be commissioning an independent review of the risks associated with the housing futures plan and the wider capital programme.