Purpose

A Memorandum of Understanding was returned to the Department for Levelling Up, Housing and Communities (DLUHC) in March 2023 which registered the council’s interest in the scheme. In order to utilise the grant It was  necessary to match fund the acquisitions with £1.245m of borrowing within the HRA capital programme, this was approved at Cabinet on 15th June.  The properties have been identified and must be purchased by 30th November 2023.

Decision

Cabinet agreed to purchase 9 units using the £1.19m of Local Authority Housing Fund grant and £1.245m HRA match funding included in the HRA capital programme.

Reasons for the decision

These recommendations will enable the council to purchase the units for Affordable Housing and participate in the Local Authority Housing Fund Scheme.

Alternative options considered

Council could decide to not purchase the identified units as part of the  Local Authority Housing Fund. This option is not recommended as it would require the council to seek alternative units, which would put our compliance to complete on purchases by 30th November at risk. We would then have to advise the central government that we are unable to participate in the scheme and the allocated grant funding will not be taken up.