This report sought approval for delegated authority to be given to the Director of Place, in consultation with the Portfolio Holder for Housing and Property, to agree expenditure on increasing the Housing Revenue Account (HRA) affordable housing stock, as and when a financially viable development opportunity became available.
The report explained that a previous delegation and budget (£10million) had been approved via a report to Council in July 2020. This budget was now committed across a range of schemes.
Approval of the recommendations would allow the Council to respond at pace to opportunities by streamlining the approval process.
The Cabinet agreed to delegate authority to the Director of Place, in consultation with the Portfolio Holder for Housing and Property, to purchase properties from the development budget agreed by Council in February 2023.
The delegated authority will facilitate the purchase of relevant properties, which will allow the HRA to respond at short notice to opportunities that may arise.