Issue - meetings

To consider a joint report of the Executive Councillor (Supporting Communities) and the Leader of the Council (Policy, Reform & Finance)

On 23 November 2009 the Executive agreed the provision of an aggregate loan facility of £15.035m to Stockport Homes over three years for the provision of affordable homes development. This report provides an update on the use of the loan facility to develop affordable homes during the period and seeks the extension of the agreement for a further three years.

The Executive is recommended to:

·         extend the aggregate loan facility of £15.035m to Stockport Homes for a further three years;

·         delegate authority for preparation and agreement of individual loan agreements on a scheme by scheme basis to the Corporate Director for Corporate and Support Services in consultation with the Leader of the Council (Policy, Reform and Finance).

Officer contact: Paul Lawrence, 0161 474 4515, paul.lawrence@stockport.gov.uk

A joint report of the Executive Councillor (Supporting Communities) and the Leader of the Council (Policy, Reform & Finance) was submitted (copies of which had been circulated) inviting the Executive Meeting to approve the extension of the agreement between the Council and Stockport Homes for a further three years for the provision of a loan facility to allow Stockport Homes to deliver affordable homes developments. The report also outlined the use of the existing facility, approved by the Executive in November 2009.

RESOLVED – That

·         agreement be given to extend the aggregate loan facility of £15.035m to Stockport Homes for a further three years to enable the delivery of affordable homes developments;

·         that authority be delegated to the Corporate Director for Corporate and Support Services in consultation with the Leader of the Council (Policy, Reform & Finance) for the preparation and agreement of individual loan agreements on a scheme by scheme basis.