Issue - meetings

Request for approval of funding for affordable housing schemes from CDC capital reserves

 

 

Meeting: 24/05/2010 - Executive (Item 8)

8 Request for Approval of Funding for various Affordable Housing Schemes from CDC Capital Reserves pdf icon PDF 68 KB

Report of Head of Housing Services

 

Summary

 

To seek approval for grant funding from the Capital Reserves for Affordable Housing for an Extra Care Housing Scheme, Cassington Road, Yarnton and to explore options for funding affordable housing at Dashwood Road Primary School site, Banbury

 

Recommendations

 

The Executive is recommended:

 

(1)               To approve funding for the Extra Care Housing Scheme at Cassington Road, Yarnton of £200,000 from the Capital Reserves for Affordable Housing in return for nomination rights.                   

(2)               To agree that the request for approval of funding for the Dashwood Road Primary School site is not approved at this time and that officers be instructed to explore ways in which the level of District Council social housing grant support required might be reduced and report back as appropriate.

 

Additional documents:

Decision:

Recommendations Approved

 

Minutes:

The Head of Housing Services submitted a report to seek approval for grant funding from the Capital Reserves for Affordable Housing for an Extra Care Housing Scheme, Cassington Road, Yarnton and to explore options for funding affordable housing at DashwoodRoad Primary School site, Banbury.

 

In making their decision members had regard to the exempt annex to this agenda item.

 

Resolved

 

(1)               That funding for the Extra Care Housing Scheme at Cassington Road, Yarnton of £200,000 from the Capital Reserves for Affordable Housing be approved in return for nomination rights.                   

(2)               That the request for approval of funding for the Dashwood Road Primary School site is not approved at this time and that officers be instructed to explore ways in which the level of District Council social housing grant support required might be reduced and report back as appropriate.

Reasons

 

The two schemes are being considered for funding by the Homes and Communities Agency (HCA) but need additional funding to make them viable. They will all make a much needed contribution to meeting local housing needs and affordable housing targets. The Council often uses its ear marked capital reserves for social housing schemes being undertaken by Registered Social Landlords and this grant buys social housing nomination rights for the Council.

Options

 

Option One

That the Committee finally rejects the requests for approval to fund the schemes on one or both sites.

 

Option Two

 

 

 

 

 

Option Three

 

 

 

To try and secure the wider non housing objectives of delivery of development on the Dashwood school site the Committee agree to fund £400,000 towards the cost of the scheme at this stage.

 

That the committee approves the Cassington Road scheme but asks for further partnership investigation of the DashwoodSchool site viability issues. This is the recommended option.