Decisions for issue New Homes for Neighbourhoods - Final Scheme approval - Wellsbourne Site

That the Committee be recommended to:

1)    Approve that the land at Wellsbourne is appropriated to the HRA for a capital receipt of £360,000 for planning purposes and the development of new housing.

2)    Approve a budget of £7.077m for the Wellsbourne scheme in the HRA Capital Programme which will be financed through a mixture of HRA borrowing and retained right-to-buy capital receipts.

(1)            That the Housing and New Homes Committee approves:

i.                 The final design.

ii.               The scheme rent levels.

iii.              The estimated levels of additional investment required from the Housing Revenue Account (HRA) for the chosen rent model and delegates authority to the Executive Director of Environment, Development and Housing and the Executive Director of Finance and Resources in consultation with the Estate Regeneration Member Board to agree reasonable amendments to that subsidy if changes arise.

(2)      That the Housing and New Homes Committee recommends to Policy and Resources Committee to:

iv.             Approve that the land at Wellsbourne is appropriated to the HRA for a capital receipt of £360,000 for planning purposes and the development of new housing.

v.               Approve a budget of £7.077m for the Wellsbourne scheme in the HRA Capital Programme which will be financed through a mixture of HRA borrowing and retained right-to-buy capital receipts.