Decision details

Agreed:

RECOMMENDED that Council agree option 2 at the Extraordinary meeting on 10 June as follows:-

(1)  to accept the full allocation of £594,000 in Department for Levelling Up, Housing and Communities (DLUHC) grant funding;

(2)  the purchase of four properties off the open market;

(3)  that the Council’s Capital contribution is funded through £297,000 of S106 funds;

(4)  the identification and purchase of suitable properties to let;

(5)  that the rents be set at affordable rates in accordance with the provisions of the Memorandum of Understanding between DLUHC and Exeter City Council and the DLUHC recommended rental funding model Rent Standard – April 2023;

(6)  that the MOU (Appendix 1) be signed and returned to DLUHC by the 12th of June 2024 confirming the Council’s participation in the programme; and

(7)  that delegated authority be granted to the Director of City Development and Housing and the relevant Portfolio Holder to proceed with the acquisitions and to amend the number of properties purchased in line with the above agreement. This is to include where additional government grants may become available (provided that no further capital contribution is required from Exeter City Council).

Reason for Decision: As set out in the report.