Decision Maker: Head of Crawley Homes
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
When considering the tenure options for
Bridgefield House in November 2017 cabinet were mindful of
immediate pressures to spend the RTB 1-4-1 monies. but provided for
future changes with the following decision:
delegated authority to the Head of Crawley Homes, the Head of
Finance, Revenues & Benefits and the Head of Legal &
Democratic Services, in consultation with the Cabinet Member for
Housing, to negotiate and agree the detailed terms of the
Conditional Purchase Agreement and acquisition, and to consider the
available tenure options as deemed necessary for financial or
strategic reasons.
The 1-4-1 monies are in a more secure position and therefore the
decision has been taken to include intermediate tenures within
Bridgefield House with the usual planning requirement of a 70/30 %
split of affordable rent and intermediate tenure.
Intermediate tenure will be on a flexible approach of shared
ownership through shared equity to assist as many people through a
low cost ownership option as possible. The details of the approach
to be agreed with the Cabinet Member for Housing.
The Head of Crawley Homes, in consultation with the Head of Corporate Finance, Head of Legal, Democracy and HR, and the Cabinet Member for Housing, agreed that the best approach for creating a more balanced community within Bridgefield House, and for releasing Right-to-Buy 1-4-1 money for alternative projects, was to include Intermediate Tenure (shared ownership/equity) within the scheme, and that the tenures will be split by floors with the top three floors across both cores being allocated for Intermediate Tenure, as these upper floors have higher market values, which will maximise the capital return back to the Housing Revenue Account while improving the overall balance of tenures within the scheme to address local housing needs.
Option 1 - No change from original
decision.
Option 2 - Include greater percentage of intermediate tenure
Option 3 - Utilise usual planning requirement for sustainable
communities and provide a 70/30 % split ofa affordable rent and
intermediate tenure. *
Publication date: 15/07/2019
Date of decision: 12/07/2019