Decision details
Shared Ownership Affordable Housing (WL)
Decision Maker: Cabinet Member for Adult Services and Council House Building, Cabinet Member for Economic Development and Resources
Decision status: Approved
Is Key decision?: Yes
Is subject to call in?: Yes
Purpose:
Aequus, the Council’s wholly owned
development company, is delivering a range of market housing, for
both rent and sale. It is proposed that some of these homes are
converted in shared ownership affordable housing units, targeted to
local residents.
Decision:
The Cabinet Members agree:
1 The development of the shared ownership housing programme detailed within the original report and the attached business case;
2 To establish a fully approved shared ownership housing programme for 2021/22 of £1,218k, recognising an allocation from provisional affordable housing programme of £278k along with new sources of funding;
3 Future shared-ownership schemes are authorised through the established corporate process for affordable housing budget approvals.
Reasons for the decision:
The programme rationale include:
• Delivering a genuinely affordable housing product for those residents who aspire to home-ownership but cannot compete on the open market;
• Leveraging the benefits of Aequus housing delivery & providing increase social value to developments;
• Developing our direct delivery and management of affordable housing knowledge and skillset;
• Reassures both the Regulator of Social Housing and Homes England of our commitment to directly deliver and manage affordable housing.
Alternative options considered:
Not to proceed with delivering shared-ownership housing. However, this option would not accrue the benefits detailed above and within the report.
Publication date: 17/08/2021
Date of decision: 17/08/2021
Effective from: 25/08/2021
Accompanying Documents:
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