Decision details

Having earlier declared a personal and prejudicial interest in this item, Councillor Banks left the room prior to the debate.

                        The Chief Officer (Housing and Assets) introduced the report, explaining that the Business Plan set out key elements of the company’s proposed Development Strategy to increase the number of Affordable Rent Properties delivered over the next three years to 207 units.

                        There was an obligation on NEW Homes to seek Cabinet’s approval in respect of any Business Plan that provided the strategic objectives of the company.  Each year the company must comply with, and implement, the Business Plan with prior approval from Cabinet.

RESOLVED:

            (a)       That the NEW Homes Business Plan 2019/2048 be approved; and

(b)       That the increase in future Prudential Borrowing through the Council (up to a maximum of £20m) for on-lending to NEW Homes for the purposes of developing or purchasing affordable homes subject to NEW Homes meeting agreed lending parameters be approved.