Decision details

Purpose of Report: to set out detailed proposals for the delivery of 65 shared ownership homes utilising £2.76m of grant funding from the Homes and Communities Agency. The report will seek the approval of the Executive to match fund the HCA grant from the Housing Revenue Account investment fund.

Executive will be asked to:

1.    Approve the proposed Shared Ownership delivery programme

2.    Approve a £2.76m budget from the HRA Investment Fund to match fund the
grant from the Homes and Communities Agency

Resolved:     That the Executive:

a)           Accepts the Homes and Communities Agency (HCA) grant award of £2.76m, for the delivery of 65 Shared Ownership homes.

b)           Recommends to Council a budget of £5.52m for the scheme funded from the HCA grant (£2.76m) and the HRA investment reserve (£2.76m)

Reason:        So that the Council can formally accept the HCA investment and deliver this affordable home ownership programme as part of the Council’s ambition to deliver a wider range of tenure products to meet the housing needs of the city.