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Cabinet agreed to recommend to
Council approval:
 
a. To allow Ermine Street Housing
(ESH) additional borrowing from the Council of up to £20
million to take advantage of new investment opportunities where
viability assessments provide a positive return with an interest
rate of 1% above base rate. This arrangement is to be reviewed
annually.
 
b. To allow ESH to purchase single
person properties for homeless people to prevent the use of
expensive temporary accommodation, using the interest rate applying
to ESH (currently 4.25%). This rate recognises the initiative as a
‘spend to save’ investment, providing savings to
homelessness budgets.
 
c. To allow the Head of Housing, in
consultation with the Lead Cabinet Member for Housing, to authorise
individual purchases (and therefore borrowing) up to the value of
£2 million as per the current arrangements.
 
d. To note that this proposal is
subject to the agreement of the Ermine Street Housing
Board.