Issue - meetings

Heylo affordable housing funding - to consider funding an affordable housing project from the Oxfordshire Growth Deal and Section 106 commuted sums. This is likely to be an exempt decision under Category 3

Meeting: 14/07/2021 - Council (Item 27)

Affordable Housing and Oxfordshire Growth Deal - Heylo Housing

Cabinet, at its meeting on 28 May 2021, considered the confidential report of the interim head of development and regeneration on an affordable housing scheme with Heylo Housing. Cabinet supported the scheme and recommended Council to approve the funding.

The confidential report considered by Cabinet at its meeting on 28 May and a summary of Cabinet’s considerations are attached.

Additional documents:

Restricted enclosure 2 , View reasons restricted (27/2)
Restricted enclosure 3

Minutes:

Council considered Cabinet’s recommendation, made at its meeting on 28 May 2021, on a proposal for funding through the Oxfordshire Growth Deal and S106 affordable housing commuted sums to support the development of an affordable housing scheme by Heylo Housing of up to 45 affordable homes for low cost home ownership in Vale.

The Cabinet member for development and infrastructure reported that the scheme would provide 45 affordable homes of various sizes and in various locations across the Vale. They would be available for shared ownership—part buy/part rent—to make them more affordable. The shared ownership would be available from as low as 25 per cent, rising to 75 per cent. All information about the scheme and the shared ownership would be published to the council’s website.

Cabinet had supported the proposal, as it would provide a mix of house types in several locations. Cabinet had noted that the Growth Deal funding was insufficient to cover the whole cost but agreed to use affordable housing commuted sums from section 106 agreements in the district to cover the necessary costs. The scheme would also provide prospective homeowners with a 25 per cent shared ownership option but allowed a higher ownership percentage if preferred. Cabinet had welcomed the proposal and recommended Council create the necessary budget.

RESOLVED: to create a capital budget of £1,882,800 towards the Heylo Housing project for the acquisition of 45 dwellings to be made available for ‘part buy/part rent’ home ownership, comprising a virement of £1,491,400 from the existing capital budget for growth deal affordable housing and funded by the Growth Deal, and £391,400 from Section 106 (S106) affordable housing commuted sums of which £366,400 is direct project funding, and £25,000 towards legal and finance fees.