Issue - meetings

To consider a report of the Executive Councillors (Communities) and (Finance)

The report provides details and analysis of the capital funding requirements to support a pilot project to implement the Empty Property Strategy.  The report recommends an allocation from the New Homes Bonus grant scheme to cover the capital costs of acquiring and reselling the top five priority empty homes.  The costs of acquisition will be financed from short term prudential borrowing prior to being repaid upon resale.  Any negative variance between acquisition and resale values will have to underwritten by the Council. 

The Executive is recommended to agree:

·         the capital expenditure required to acquire the five properties outlined within the proposal

·         that the costs relating to the legal, purchase and resale costs be covered initially by an allocation from the New Home Bonus grant stream;

·         that any surplus made is retained and ring-fenced to support further acquisitions of empty properties subject to an annual review of funding requirements; and,

·         that any gap requirements between the acquisition and resale values, net of any held surplus’s made is met from an allocation from the New Homes Bonus grant stream.

Officer contact: Sam McNichol, 0161 474 4242, Samantha.mcnichol@stockport.gov.uk

A joint report of the Executive Councillors (Communities) and (Finance) was submitted (copies of which had been circulated) inviting the Executive Meeting to consider an analysis of the capital funding requirements of a pilot project to support the implementation of the Empty Property Strategy (approved by the Executive on 7 November 2011).

RESOLVED – That in order to support the implementation of the Empty Property Strategy the following be approved:-

·         the capital expenditure required to acquire the five properties outlined within the proposal contained in the report;

·         the costs relating to the legal, purchase and resale costs be covered initially by an allocation from the New Home Bonus grant scheme;

·         any surplus made being retained and ring-fenced to support further acquisitions of empty properties subject to an annual review of funding requirements; and

·         any gap requirements between the acquisition and resale values, net of any held surpluses made being met from an allocation from the New Homes Bonus grant scheme.