Decision details

The Housing Services Manager presented a report which explained that previous Cabinet reports, most recently on 9 January 2018, agreed the setup of West Norfolk Property Ltd (WNPL), a wholly owned local authority company.  WNPL had been established to hold and manage private rented housing units being developed by the Council.  The Council continued to look for opportunities to generate additional income to support its revenue budget and the retention of some of its housing development for private rental provides such an opportunity.  WNPL would manage the properties and grow a portfolio over time, providing a return to the Council.

This report presented the Business Plan for WNPL and proposed amendments to the structure of WNPL.

The Housing Services Manager reminded Members that the Council as the enforcer of housing standards intended to raise the bar in terms of housing quality and management practices.  An assessment of demand would be carried out, the homes would transfer at market value and the future arrangements for developments would be examined.   He also responded to questions relating to the level of finance to be held for repairs etc in the future.  It was noted that the Business Plan would be regularly reviewed and updated.

The Deputy Chief Executive reminded Cabinet that the company had been set up in order to provide new revenue stream for the Council in times of reducing Government subsidy.

RECOMMENDED:  1)       That the Business Plan for WNPL be approved and delegated authority be granted to the Deputy Chief Executive (S151 Officer) to make amendments to the Business Plan in respect of recommendation 3 in consultation with the Portfolio Holders for Corporate Projects and Assets, Portfolio Holder for Housing and Community, Chief Executive, Monitoring Officer and Housing Services Manager

2)       That the principle of retention for private rent of a minimum of 20% of the housing units developed by the Council on the large urban sites over 50 units as detailed in the report be approved.

3)       That delegated authority be given to the Deputy Chief Executive (S151 Officer) to approve the amendments to the Articles of Association for WNPL as set out in the report in consultation with the Portfolio Holders for Corporate Projects and Assets, Portfolio Holder for Housing and Community, Chief Executive, Monitoring Officer and Housing Services Manager.

4)       That delegated authority be given to the Deputy Chief Executive (S151 Officer) to agree the financing arrangements as detailed in the report in consultation with the Portfolio Holders for Corporate Projects and Assets, Portfolio Holder for Housing and Community, Chief Executive, Monitoring Officer and Housing Services Manager.

Reason for Decision

To ensure that the Council has a suitable vehicle to hold, manage and develop private rented housing.