Agenda item

(a)  That following the Budget announcement, the Council reviews whether to apply for additional funding from the Government/Homes and Communities Agency . This could focus on a bid for additional borrowing headroom and/or loan funding for remodelling;

(b)  That the Council pursues an option to raise private finance through pension fund or institutional investment  to deliver new affordable rented housing in the borough, and specifically for the proposed remodelling of the Tower and Ashbourne site (subject to planning permission);

(c)  That the Council develop a bespoke model for Shared Ownership in Slough, offered initially on a limited basis to test demand;

(d)  That the Council keep open the option to discuss partnerships with housing associations;

(e)  That the Council continue to pursue opportunities for new delivery through Herschel Homes and James Elliman Homes recognising that the objectives set for these companies primarily relate to the acquisition of market rented housing for use as temporary accommodation, and accommodation for key workers and vulnerable groups such as care leavers;

(f)  That the Council continue to investigate options for the optimal reinvestment of One-for-One retained Right to Buy receipts into social housing in the borough, in the light of the establishment of the establishment of the Council's Partnership  Venture with Osborne's, and the opportunity that DISH may present, for the benefit of the Council’s social housing objectives;

(g)  That the Council develop an Active Asset Management Strategy based on the analysis within the Asset Performance Evaluation - to be updated annually:

(h)  That within the Asset Management Strategy, the Council appraise the options for those assets which are under-performing relative to the rest of the stock with a view to remodelling, redeveloping or re-providing in the context of increasing supply.

The Lead Member for Corporate Finance & Housing and the Service Lead Neighbourhoods introduced an update report on the Housing Option Appraisal.  The Cabinet had previously agreed that the option of stock transfer had been discounted and the report set out other options to improve and invest in social housing in the medium and long term.

The options included exploring shared ownership schemes, specific mechanisms to raise private finance or institutional investment, maximising the potential of the Council owned housing companies and continuing discussions with housing associations.  The Cabinet agreed that the options proposed all provided opportunities to contribute to the Council’s commitment to providing social and affordable housing and they should be taken forward in the next phase of the options appraisal.

Speaking under Rule 30, Councillor Strutton asked about the progress of plans for modular housing.  An update was provided and it was noted that whilst the Council would always seek to provide permanent housing where possible, there were some former garage sites which may be suitable for modular housing and detailed plans were being developed.

Resolved –

(a)  That following the Budget announcement, the Council reviews whether to apply for additional funding from the Government/Homes and Communities Agency . This could focus on a bid for additional borrowing headroom and/or loan funding for remodelling;

(b)  That the Council pursues an option to raise private finance through pension fund or institutional investment  to deliver new affordable rented housing in the borough, and specifically for the proposed remodelling of the Tower and Ashbourne site (subject to planning permission);

(c)  That the Council develop a bespoke model for Shared Ownership in Slough, offered initially on a limited basis to test demand;

(d)  That the Council keep open the option to discuss partnerships with housing associations;

(e)  That the Council continue to pursue opportunities for new delivery through Herschel Homes and James Elliman Homes recognising that the objectives set for these companies primarily relate to the acquisition of market rented housing for use as temporary accommodation, and accommodation for key workers and vulnerable groups such as care leavers;

(f)  That the Council continue to investigate options for the optimal reinvestment of One-for-One retained Right to Buy receipts into social housing in the borough, in the light of the establishment of the establishment of the Council's Partnership  Venture with Osborne's, and the opportunity that DISH may present, for the benefit of the Council’s social housing objectives;

(g)  That the Council develop an Active Asset Management Strategy based on the analysis within the Asset Performance Evaluation - to be updated annually:

(h)  That within the Asset Management Strategy, the Council appraise the options for those assets which are under-performing relative to the rest of the stock with a view to remodelling, redeveloping or re-providing in the context of increasing supply.