Decision details

(1)        That the previously agreed Open Market Shared Ownership (OMSO) Scheme be piloted in 2010/11 but with Broxbourne Housing Association (BHA) instead of Moat, and operated in the manner previously agreed by the Cabinet subject to the following changes:

            (a)        applicants of the Scheme also be allowed to purchase two- bedroomed houses;

            (b)        the maximum property purchase price be increased to £210,000;

            (c)        the purchased property to be of modern construction, either            brick/block or brick/timber cavity construction;

            (d)        applicants also be allowed to purchase a property in Hertfordshire, or         a London Borough immediately neighbouring the Epping Forest District;

            (e)        if the Scheme is subsequently extended to a Phase 2 then BHA’s   marketing, legal and administration costs be reduced from £2,500 to        £2,000 for phase 2; and

            (f)         if the scheme is over-prescribed then priority be given to those        applicants seeking to purchase the cheapest properties;

(2)        That the Director of Housing and the Director of Corporate Support Services be authorised to agree the detail of the scheme and the necessary legal agreements;

(3)        That the Pilot Scheme be funded from the £435,000 payment received by the Council from McCarthy & Stone to fund affordable housing within the District (in accordance with the Section 106 Agreement for its recently completed development in Epping) in order to fund 8 shared ownership properties, and budget provision be made accordingly within the Housing Capital Programme for 2010/11;

(4)        That the existing budget of £350,000 for the OMSO Scheme within the Housing Capital Programme for 2010/11 be carried forward to 2011/12;

(5)        That the success of the Pilot Scheme be reviewed by the Housing Portfolio Holder upon completion; and

(6)        That the Housing Portfolio Holder be authorised to extend the OMSO Scheme into a Phase 2 in 2011/12, if considered appropriate, to provide a further 6 shared ownership properties, utilising the £350,000 budget provision.