Issue - meetings

That Cabinet:

a)       notes the progress and expected completion of the current HRA Development Programme;

b)       allocates £234,747.64 from Section 106 contributions (as detailed in section 2.16 of the report) to development sites at South Crescent, Clipstone; Firview, Ollerton; and Gaitskell Crescent, Edwinstowe as part of Phase 5 of the HRA Development Programme therefore reducing the required borrowing by an equivalent amount;

c)     supports the creation of £10.7m budget for the development of a discreet programme of HRA Development up to 50 units within the HRA Capital Programme in 2024/25 financed by the surplus identified at paragraph 2.19 of the report of £2.445m and with the remaining £8.255m financed initially from borrowing whilst other funding is sourced; and

d)     commits the total of £1.292m from the Section 106 agreements listed at section 2.21 of the report to the new development programme within the obligations of the S106 agreements.

The Business Manager – Regeneration & Strategic Housing presented a report which provided an update on the progress of the Council’s Housing Revenue Account (HRA) Development Programme in 2022/23 and proposals for future housing delivery. The report reflected on the HRA Development Programme which had delivered 279 properties since 2017. The report demonstrated a highly successful and value for money programme despite the challenges faced.

The report proposed the allocation of S106 affordable housing contributions to three sites which would provide additional affordable one bed bungalows, and set out plans for the future programme to build new housing, which included a smaller discreet development programme of up to 50 units being brought forward subject to capacity and affordability. 

AGREED      (unanimously) that Cabinet:

a)            notes the progress and expected completion of the current HRA Development Programme;

b)            allocates £234,747.64 from Section 106 contributions (as detailed in section 2.16 of the report) to development sites at South Crescent, Clipstone; Firview, Ollerton; and Gaitskell Crescent, Edwinstowe as part of Phase 5 of the HRA Development Programme therefore reducing the required borrowing by an equivalent amount;

c)             supports the creation of £10.7m budget for the development of a discreet programme of HRA Development up to 50 units within the HRA Capital Programme in 2024/25 financed by the surplus identified at paragraph 2.19 of the report of £2.445m and with the remaining £8.255m financed initially from borrowing whilst other funding is sourced; and

d)            commits the total of £1.292m from the Section 106 agreements listed at section 2.21 of the report to the new development programme within the obligations of the S106 agreements.

Reasons for Decision

To provide confidence in the ongoing delivery of the HRA Development Programme, securing value for money secured through the programme and the outcomes delivered to against the community plan objectives to create more and better-quality homes through our roles as landlord, developer and planning authority.

Options Considered

The completion of the HRA development programme, without the introduction of a future programme, was considered but discounted in recognition of the impact that a net loss of housing (through annual right to buy numbers) would have on the ongoing viability of the HRA 30 Year Business Plan.

A pause in the programme was also discounted as this would risk losing the in-house skills and experience that have been built up over the last five years.