Issue - meetings

Report to be presented by Schuyler Newstead. 

The Housing Portfolio Holder AGREED:

1.      That the pilot project to sell five homes as shared ownership properties, restricted to no more than a 95% share, continues with the revised list of properties as shown in Figure 1 of the report.  The locations of the properties being:

a.    Teversham – 2 properties

b.    Sawston – 2 properties

c.    Elsworth – 1 property

2.      That if any of the shared ownership properties remain unsold after six months of going onto the market that they be let as rented houses as part of the Council’s housing stock.

3.      That a separate options appraisal for the remaining Airey properties be brought to the Portfolio Holder in July 2009.

Housing Development & Enabling Manager presented a report to seek clarification on the decision made by the Housing Portfolio Holder on 4 September 2006.  She explained that the external conditions required by the original decision had not transpired and that a fresh decision was therefore required.

The Portfolio Holder was advised that the number of Airey Properties available to sell had fallen from 6 to 5, but that otherwise the recommendation was close to the original as agreed.

There was a discussion about the relative merits of shared ownership staircasing to 100% with a buy-back clause, or a maximum share of 95%, and it was felt that capping tenant ownership at 95% would be more beneficial to the Council. 

The Housing Portfolio Holder AGREED:

1.      That the pilot project to sell five homes as shared ownership properties, restricted to no more than a 95% share, continues with the revised list of properties as shown in Figure 1 of the report.  The locations of the properties being:

a.    Teversham – 2 properties

b.    Sawston – 2 properties

c.    Elsworth – 1 property

2.      That if any of the shared ownership properties remain unsold after six months of going onto the market that they be let as rented houses as part of the Council’s housing stock.

3.      That a separate options appraisal for the remaining Airey properties be brought to the Portfolio Holder in July 2009.

The Portfolio Holder deferred the decision on the Airey homes project pending the submission of an updated report at his next meeting on 2 October 2008 to include a further option of shared ownership and equity share.  The Portfolio Holder also requested that a financial model be provided to reflect the relative cash benefits to the Council of each option.

The Corporate Manager, Affordable Homes, presented the report and explained the reasons why a fresh decision was required from the Portfolio Holder.

After a brief debate about the preferred ownership mix of the properties, the Portfolio Holder deferred the decision on the Airey homes project pending the submission of an updated report at his next meeting on 2 October 2008 to include a further option of shared ownership and equity share.  The Portfolio Holder also requested that a financial model be provided to reflect the relative cash benefits to the Council of each option.

Cabinet AGREED that

(a)               a pilot refurbishment programme be agreed for the following Airey homes:

(b)               if the Capital Finance Regulations are not amended to allow for a retention of 100% of the capital receipts from shared ownership sales then this matter be referred back to Cabinet at a later date for further consideration of the available options, including open market sales; and

(c)               if the shared ownership model should prove successful within the pilot programme then, subject to the outcome of further local consultation, a wider programme for the remaining 17 Airey units at Bassingbourn, Fulbourn, Coton, Gamlingay and Impington be approved.

Council had approved the Airey redevelopment programme in October 2004, leaving only small pockets of stock outstanding, and the Housing Portfolio Holder commended the Head of Housing Strategic Services for the options proposed to take forward modernisation and / or improvements for these properties.  The redevelopment would take place within the existing planned maintenance programme and officers would liaise with affected tenants as soon as possible.

Cabinet AGREED that

(a)               a pilot refurbishment programme be agreed for the following Airey homes:

(b)               if the Capital Finance Regulations are not amended to allow for a retention of 100% of the capital receipts from shared ownership sales then this matter be referred back to Cabinet at a later date for further consideration of the available options, including open market sales; and

(c)               if the shared ownership model should prove successful within the pilot programme then, subject to the outcome of further local consultation, a wider programme for the remaining 17 Airey units at Bassingbourn, Fulbourn, Coton, Gamlingay and Impington be approved.