Decision details

The report to Cabinet sought agreement on the use of outstanding ‘Right to Buy’ receipts from the sale of Council housing. If these receipts were not used before the end of the financial year then they would have to be returned to the Ministry of Housing, Communities and Local Government (MHCLG), along with the appropriate interest payments.

The report also recommended that a delegated decision process be adopted, in order to use outstanding Right to Buy receipts for the purchase of appropriate properties during the remainder of the financial year. Members supported this.

RESOLVED

(1)          That Cabinet endorsed the acquisition of the specified properties, as set out in the report and recommended the decision to purchase them to the Director of Growth and Economic Development following consultation with the Council’s Head of Finance/Section 151 Officer, Portfolio Holder for Housing, Communities and Communications, Portfolio for Finance and the Council’s Asset Management Group

(2)          That  the Director of Growth and Economic Development  be authorised to purchase any other suitable property which could be acquired before 31 March 2021,  following consultation with the Council’s Head of Finance/Section 151 officer, Portfolio Holder for Housing, Communities and Communications, the Portfolio Holder for Finance and the Council’s Asset Management Group

REASONS FOR DECISION - To increase the Council’s social housing stock and to avoid the return of Right to Buy ‘1-4-‘1 receipts and the extra interest costs that would be incurred.

To put in place a delegated Decision process to enable 1-4-1 receipts to be spent before the legislative deadlines.

OTHER OPTIONS CONSIDERED AND REJECTED - The option of doing nothing was considered and rejected for the reasons specified in the report.

                                                                                                                 (Paragraph 3)