Purpose

The report provides an update on the hastings Housing Company.

Decision

A) That HHC is requested to ensure that all outstanding loan interest payments and additional interest charges are paid as soon as HHC has the funds available in its bank account. Part payments being accepted to reduce ongoing interest payments.

B) That HHC pursues debt recovery from the letting agent and any debt recovered is paid to HBC.

C) An asset management plan be produced for HHC detailing the future

maintenance liabilities and estimated costs for inclusion in the business plan.

Timeline: For completion by 31st October 2024

D) Regular financial reports to be produced for consideration by the Audit Committee and Cabinet at not less than annual intervals, to include the formal receipt of annual accounts from the company directors.

Timeline: Statement of Account to be taken to Audit Committee by 30th June each year

E) A management agreement between HHC and HBC for the management of the property portfolio be drafted and signed.

Timeline: For completion by 31st August 2024

Subject to a 6-9 month bedding in period, to assess how the management of HHC’s portfolio by HBC proceeds, that the following be agreed:

F) That based upon a discussion with the Head of Housing and the Chief Finance Officer of the Council, a revised business plan be produced by the HHC directors for consideration by the Council. The business plan to include potential options for the direction of travel for the company including disbanding, enlargement, and alternative uses, for example building and selling houses on the open market. It is noted that due to the council only recently taking over the management of the properties from the letting agent that the afore mentioned bedding in period may be required to understand the current portfolio. However future opportunities may arise during this period which means some of the business plan is revised prior to this 6-9 month period.

Timeline: For completion by 31st March 2025