Issue - meetings

Executive Summary

Cabinet in February 2021 agreed to the establishment of an annual budget in the Capital Programme to provide grants, using section 106 capital receipts held by the council, to support Registered Providers to deliver new affordable homes.

A budget of £500k in 2021/22 and £300k per annum 2022/23 - 2024/25 was established. No grants have yet been paid so this budget has been carried forward.

This report now details the programme of grants for 2023/24 and seeks support to provide s106 grant totalling £1,186,000, which will provide 71 affordable homes (an average of less than £17k grant funding per home).

Options considered

The housing section 106 monies held can only be used to fund delivery of affordable homes.

The option of retaining the monies for alternative future affordable housing schemes is rejected as this runs the risk of some of the current proposed affordable housing schemes not going ahead.

Additionally, as some section 106 receipts have a time limit on their use, not using them risks needing to repay them.

Consultation(s)

Portfolio Holder for Housing and Peoples Services 

Finance team

S106 Officer

Recommendations

That Cabinet support the granting of £1,186,000 of existing s106 housing monies in 2023/24 to support Registered Providers deliver new affordable housing schemes as detailed in the report.

Reasons for recommendations

To provide support for £1,186,000 grant funding to help deliver affordable homes

Background papers

Cabinet February 2021 - Use of s106 Commuted Sums to support delivery of affordable homes in North Norfolk

Cabinet March 2022 - Proposed 2022/23 programme of Section106 Commuted Sums to support delivery of affordable homes in North Norfolk

Wards affected

Holt, Stibbard, Coastal, Priory, Bacton, Suffield Park

Cabinet member(s)

Cllr Wendy Fredericks, Portfolio Holder Housing & Peoples Services

Contact Officer

Nicky Debbage, Housing Strategy & Delivery Manager, nicky.debbage@north-norfolk.gov.uk

Links to key documents:

Corporate Plan:          

Meeting our Local Housing Need – specifically:

-       Supporting the delivery of more affordable housing, utilising partnership and external funding wherever possible.

-       Working with partners to deliver more rural exception sites

Medium Term Financial Strategy (MTFS)                                  

NA

Council Policies & Strategies

Housing Strategy 2021-25

Corporate Governance:

Is this a key decision 

Yes

Has the public interest test been applied

NA

Details of any previous decision(s) on this matter

NA