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:
- 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);
- Note the results of
the Tenants’ Survey which supports the way forward
recommended by the Housing Futures Forum;
- Note the results of
the Stock Condition Survey;
- Note the outcome of
the financial appraisal;
- Officers setting up an interim
Private Finance Initiative (PFI) project team to prepare for
submission of an expression of interest in October 2005;
- Delegate authority to the Director
of Housing and Health to make any structural and procedural changes
to facilitate implementation of the stock option appraisal;
- 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;
- 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;
- Authorise Officers to utilise 50% of
the usable ‘Right to Buy’ capital receipts for
housing;
- 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;
- 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;
- 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
- Undertake a regular review of the
final model every three years to coincide with the Housing Revenue
Account business plan review.
- 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.