Decision details

To consider the viability of setting up a local housing company to buy and let properties with Council loans.

(1)        That the feasibility of the Council setting up a Local Housing Company to purchase properties off the open market to let at market rents, funded by a loan from the Council, be investigated further;

(2)        That the specialist solicitors, Trowers and Hamlin, be appointed to advise the Council on the legal issues involved;

(3)        That a more detailed financial appraisal be undertaken by the Director of Finance and ICT on the financial issues involved, based on the legal advice obtained;

(4)        That a virement of £6,000 be agreed from the District Development Fund Budget for Private Sector Housing Assistance Policy, held by the Housing Portfolio, to fund legal and financial fees; and

(5)        That a further report be considered by the Cabinet in due course, setting out the legal, financial and other issues and whether the initiative should be considered further.