Agenda item

Details of the Local Authority Partnership Purchase (LAPP) scheme, which would provide targeted help to potential home-buyers on a shared ownership basis and deliver a good return on the Council’s financial investment, were outlined for Members consideration.

The scheme was an extension of the shared ownership model with mechanisms to overcome the negatives of current such schemes, for example LAPP allowed open market purchases and was not restricted to certain shared ownership properties.  The basic model was a 70/30 percentage ownership split between the property occupier and the Council, with the Council receiving a revenue income stream and capital appreciation from its investment.  It was anticipated that the scheme would both support local housing need and deliver strong returns on investment.

Whilst welcoming the principle of the scheme, the Committee were of the view that provisions be made within the scheme for prior consideration to be given to key workers and people with local connections, similar to the local eligibility criteria in the Housing Allocations Scheme. In the ensuing discussion Members also recommended that the scheme not be made available to buy to let landlords.

Resolved  - That the Local Authority Partnership Purchase Scheme be noted and Cabinet be recommended to give consideration to the following points as part of the LAPP Scheme:

·  Key Workers to be given prior consideration within the Scheme

·  The Scheme to exclude Landlords/Buy to Lets

·  Local Eligibility Criteria to be implemented similar to that contained within the Housing Policy ie local residents for a minimum of five years.