Agenda item

(a)  That funding of £2m be approved to acquire 15 new build flats by James Elliman Homes through a new loan facility arrangement with James Elliman Homes to the value of £2 Million in 2019/20.

(b)  That the £2m for affordable homes (James Elliman Homes) is included in the General Fund Capital Programme for 2019/20 to be approved by Council on 22nd February 2018.

(The Interim Director of Place & Development was a Council appointed director of James Elliman Homes and he left the room for the duration of this item)

The Service Lead Strategic Housing introduced a report that sought approval to provide £2m funding in 2019/20 through a loan facility to James Elliman Homes to acquire 15 newly built affordable flats on a development in the town centre.

An opportunity had arisen to acquire the flats below market value as under planning obligations they were the “affordable” element of the scheme.  The acquisition would help the Council deliver priorities in the Housing Strategy to provide more quality affordable homes in Slough.  The purchase would include a mixture of 1 and 2 bed properties and eligible groups for the new homes would include key workers, care leavers and homeless families.

The Cabinet welcomed the contribution that the acquisition of the flats could make to the Housing Strategy, particularly by making the homes available to key workers such as teachers and social workers.  It was also recognised to be a good opportunity to purchase the flats at a price below market value and Lead Members approved the recommendations.

Resolved –

(a)  That funding of £2m be approved to acquire 15 new build flats by James Elliman Homes through a new loan facility arrangement with James Elliman Homes to the value of £2 Million in 2019/20.

(b)  That the £2m for affordable homes (James Elliman Homes) be included in the General Fund Capital Programme for 2019/20 to be approved by Council on 22nd February 2018.