Issue - decisions
The implication of the government announcing the lifting of the Housing Revenue Account (HRA) borrowing cap
Resolved: (i) That the proposed means of delivery of the Housing Delivery Programme (HDP) through the Housing Revenue Account (HRA) be further endorsed.
(ii) That the appropriation of sites within the HDP from the General Fund into the HRA be approved in principle, noting the increased debt that will occur, with sites to be appropriated following Executive approval of individual site business cases.
(iii) That the additional opportunities brought by removal of the HRA borrowing cap in respect of potential land acquisitions for new housing developments and the purchase of new affordable housing through S106 agreements be noted, with a business case to be brought to Executive for consideration when such opportunities are available.
Reason: To accelerate the construction of much needed homes in the city, allowing the council to build more than 600 homes in the next five years, of which over 250 will be council homes and low cost home ownership tenures.