Decision Maker: Eastbourne Borough Council Cabinet, Eastbourne Borough Council Full Council
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
The report sets out:
a) an update on the capital development and housing delivery programme;
b) proposals for the Council’s established joint asset holding company (Aspiration Homes LLP) to purchase residential properties to:
i) provide accommodation to assist the Council meet its strategic housing agenda,
ii) improve access into the private rented sector,
iii) increase the variety, availability and accessibility of affordable housing and low cost home ownership.
c) proposals for the Council to acquire back leaseholder and shared ownership properties in Riverbourne House, Belmore Road, Eastbourne, BN22 8AZ - a sheltered / retirement scheme owned by the Council.
(1) To agree that the Council makes a loan facility available of up to £2.5m on market terms to AHLLP for the purpose of enabling the partnership to purchase residential accommodation for affordable purposes under a dedicated programme.
(2) To approve as a Restricted Matter under the LLP Agreement, the making of a loan facility by Lewes District Council of up to £2.5m on market terms to AHLLP for the purpose of enabling the partnership to purchase residential accommodation for affordable purposes under a dedicated programme.
(3) To authorise the Assistant Director for Legal and Democratic Services to ensure that a “Funding Agreement” pursuant to a “Deed of Entrustment” is entered into by AHLLP with the Council so that Right to Buy (RTB) receipts are appropriated in accordance with legislative requirements and the retention agreement with Government in relation to “social housing”. To give delegated authority to the Director of Regeneration and Planning to determine the terms of such agreement(s).
(4) To delegate authority to the Chief Finance Officer in consultation with the Lead Cabinet members for Housing and Finance to agree the whole scheme lending parameters for purchases for the programme outlined at resolution (1).
(5) To delegate authority to the Chief Finance Officer in consultation with the Lead Cabinet members for Housing and Finance authority to approve any draw down by EHICL from the £20m loan facility approved in the 2017/2021 Capital Programme (to the extent not already committed to other projects) for investment in EHICL’s property portfolio, the delivery of new mixed tenure homes and associated activities by EHICL and to delegate authority to the Chief Finance Officer in consultation with the Assistant Director - Legal & Democratic Services to determine the terms of any loan to be offered to EHICL provided always that the Chief Finance Officer is satisfied that:
(a) There will be adequate security for the loan
(b) There is a viable business case for the loan
(c) Any such loan is on market terms.
Report author: Nathan Thompson
Publication date: 07/02/2019
Date of decision: 06/02/2019
Decided at meeting: 06/02/2019 - Eastbourne Borough Council Cabinet
Effective from: 15/02/2019