Issue - meetings

To consider a joint report of the Executive Councillors (Support & Governance) and (Thriving Economy).

In April 2013 the Executive agreed to extend the loan facility for new build by Stockport Homes for a further three years following the agreement of a £15.035m loan facility in 2009.

This report provides an update on the use of this loan facility to develop affordable homes during the period and seeks approval on a proposal to increase and extend the agreement for a further five years.

The Executive is recommended to:

·         Increase the aggregate loan facility by a further £29.4m and extend the availability of the total facility to Stockport Homes for a further five years.

·         Delegate authority for preparation and agreement of individual loan agreements on a scheme by scheme basis to the Corporate Director, Corporate and Support Services in consultation with the Executive Councillor (Support and Governance).  

Officer contact: Michael Cullen, 0161 474 4631, Michael.cullen@stockport.gov.uk

The Executive Councillors (Support & Governance) and (Thriving Economy) submitted a report (copies of which had been circulated) providing an update on the use of the loan facility for Stockport Homes to develop affordable homes. In April 2013 the Executive had agreed to extend the loan facility for new build by Stockport Homes for a further three years following the agreement of a £15.035m loan facility in 2009.

The report provided an update on the use of this loan facility to develop affordable homes during the period and sought approval on a proposal to increase and extend the agreement for a further five years.

RESOLVED – (1) That the aggregate loan facility be increased by a further £29.4m and the availability of the total facility to Stockport Homes be extended for a further five years.

(2) That authority be delegated for the 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 Executive Councillor (Support & Governance).

To consider a joint report of the Corporate Director for Corporate and Support Services and the Corporate Director for Place Management & Regeneration.

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.  On 2nd April 2013 the Executive agreed to extend the period of the loan facility for a further three years.

This report provides an update on the use of the loan facility to develop affordable homes during the period and seeks comments on a proposal to increase and extend the agreement for a further five years.

The Scrutiny Committee is recommended to comment on and note the report.

Officer contact: Michael Cullen on 0161 474 4631 or email: michael.cullen@stockport.gov.uk

The Corporate Director for Place Management & Regeneration submitted a joint report of the Corporate Directors for Corporate and Support Services and Place Management & Regeneration (copies of which had been circulated) describing how 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.  On 2nd April 2013 the Executive agreed to extend the period of the loan facility for a further three years.

This report provided an update on the use of the loan facility to develop affordable homes during the period and outlined a proposal to increase and extend the agreement for a further five years.

The Executive Councillor (Thriving Economy) (Councillor Patrick McAuley) attended the meeting to answer Members’ questions.

It was requested that at such a point that further information was available on the implications of the new ‘Right to Acquire’ whereby housing association tenants would gain the right to buy their homes at a discount, a report be submitted to a meeting of the Scrutiny Committee.

RESOLVED – That the report be noted.