Issue - meetings
Council Loan to Homes for Wells to Enable Purchase of Two Properties
Meeting: 29/06/2023 - Cabinet (Item 26)
26 Council Loan to Homes for Wells to Enable Purchase of Two Properties 
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Executive Summary |
The delivery of new affordable housing is a key priority for the Council. This is an opportunity to support the delivery of two affordable homes and support the work of a partner community-led housing organisation. The support takes the form of a loan of £110,000 at commercial rates and at minimal risk to the Council. |
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Options considered
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The alternatives are: a) To provide a loan for one property only. b) Not to provide any loan funding at all. |
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Consultation(s) |
Cllr. Wendy Fredericks – Portfolio Holder. Finance team – support for and terms of the loan. Homes for Wells – amount of loan and number of properties. |
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Recommendations
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This is a resolution for Cabinet to approve a loan of £110,000 to Homes for Wells to help with the purchase of two properties. |
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Reasons for recommendations |
The two homes will provide affordable housing for low-income households from the Homes for Wells waiting list. |
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Background papers
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No other background papers. |
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Wards affected |
Wells with Holkham |
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Cabinet member(s) |
Cllr. Wendy Fredericks |
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Contact Officer |
Graham Connolly, Housing Strategy and Delivery Manager, graham.connolly@north-norfolk.gov.uk |
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Links to key documents:
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Corporate Plan: |
This proposal supports the Council’s Local Homes for Local Need by facilitating new homes and by using loan funding to achieve that aim. |
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Medium Term Financial Strategy (MTFS) |
No links to the MTFS. |
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Council Policies & Strategies |
This proposal supports the Council’s aim to provide more affordable housing in the district. |
Decision:
Decision
RESOLVED
to approve a loan of £110,000 to Homes for Wells to help with the purchase of two properties.
Reason for the decision:
The two homes will provide affordable housing for low-income households from the Homes for Wells waiting list
Minutes:
The Portfolio Holder for Housing, Cllr W Fredericks, introduced this item. She explained that this was an opportunity to support the delivery of two affordable homes in Wells and to support the work of a partner community-led housing organisation. The homes would be allocated to local, low-income households.
Cllr L Withington asked why a social housing rent and an affordable rent had been chosen rather than two social housing rents. The Housing Strategy and Delivery Manager (GC) replied that it was difficult for Homes for Wells to make both rents affordable rents, so they were proposing one social rent and one affordable. Both were significantly below the market rent level.
It was proposed by Cllr W Fredericks, seconded by Cllr L Shires and
RESOLVED
to approve a loan of £110,000 to Homes for Wells to help with the purchase of two properties.
Reason for the decision:
The two homes will provide affordable housing for low-income households from the Homes for Wells waiting list