The Executive considered proposals to create a new housing delivery company for Stockport to increase the availability of affordable homes and agreed that:-
· the creation of the Stockport Housing Commission as outlined in the report be approved;
· the Corporate Director of Place Management and Regeneration, in consultation with the Executive Councillor (Communities and Housing) be authorised to work with Stockport Homes to establish a new Council owned development company that is capable of delivering the Council’s housing aspirations;
· the provision of a rolling loan facility to Stockport Homes totalling £77m (providing a total Council investment of circa £109m up to 2020/21 including the repayment of circa £32m relating to shared ownership properties), with any loan finance being provided for market sale or rent meeting state aid requirements, be supported;
· authority for preparation and agreement of individual loan agreements on a scheme by scheme basis be delegated to the Borough Treasurer in consultation with the Executive Councillor (Reform and Governance);
· the undertaking of further work to look at ways in which the Housing Company model can be further refined to address the challenges set out in the report in relation to Right to Buy and Right to Acquire be supported;
· the Head of Legal and Democratic Services be authorised to take all steps and do all things necessary to give effect to the above resolutions including the consent on behalf of the Council to the establishment of a subsidiary company of Stockport Homes, if required;
· support be given to further work towards unlocking brownfield sites and accelerating development on priority sites across the Borough.