Issue - meetings

Further to Minute 107 (9 March 2016), the Cabinet Member for Finance, Growth and Investment presented a report on the outcome of the public consultation on the Council’s plans to introduce a non-statutory Tenant Shared Ownership Scheme.

The Cabinet Member explained that the Tenant Shared Ownership Scheme, known as ‘Right to Invest’, was aimed at Council tenants who aspired to become homeowners but were unable to secure a mortgage to buy their property outright.  The scheme would counter some of the effects of the Government’s ‘pay to stay’ and other proposals under the Housing and Planning Act 2016 by enabling Council tenants who may have had to leave their homes because of the new legislation to now hold a stake in their property and continue to contribute to their local community.  It was also noted that the new scheme may also reduce the number of Council properties lost to the Right To Buy.

The Cabinet Member advised that there had been a limited but positive response to the public consultation and he referred to the summary of responses at Appendix 2 to the report.  Cabinet Members spoke in support of the innovative scheme and noted that it had also been endorsed by the new Mayor of London.

Cabinet resolved to:

(i)  Note the outcome of the public consultation carried out in respect of the Tenant Shared Ownership Scheme as detailed in the report and summarised in Appendix 2 to the report;

(ii)  Adopt the Tenant Shared Ownership Policy as set out in Appendix 1 to the report;

(iii)  Authorise the Strategic Director for Growth and Homes, in consultation with the Cabinet Member for Finance, Growth and Investment, to agree the implementation date of the scheme and related policy; and

(iv)  Authorise the Director of Law and Governance, or an authorised delegate on her behalf, to negotiate and execute all necessary legal agreements and other documentation on behalf of the Council.