209 Approval to Spend S106 Commuted Sum Monies to Acquire Move-On Properties for Single Homeless Households
This report seeks spend approval of up to
£1,177,200 to purchase 6 x 1 bed/bedsit properties
off the open market funded by £450,000 of the unallocated S106 affordable housing commuted sums and borrowing of £727,200, the cost of which will be met by net rental income. These properties will be council owned affordable rented temporary housing to meet the needs of rough sleepers and other single homeless households.
RECOMMENDED that the Executive Member for Adult Services, Health and Housing RECOMMEND to Council that they:
i. Approve the total capital spend commencing in the 2021-22 financial year, in order to purchase 6 properties to ensure that Council has suitable temporary emergency affordable housing.
ii. Approve that a proportion of this total to be funded through S106 affordable
iii. Approve borrowing to fund the remaining balance. The cost of borrowing and MRP (minimum revenue provision) will be met by net rental income so will be cost neutral.