Combined Executive Agenda 120410.pdf - North Ayrshire Council

Council Innovation Projects
2.17 Housing Services are currently exploring two 'recyclable loan'
innovation schemes. One scheme is directed at the owners of empty
homes, the other scheme would be for home-owners whose property
is below the tolerable standard.
2.18 Both schemes are still at a very early stage of development, however,
if deemed viable, they could offer loans at reduced interest rates, with
terms which encourage the recipient to repay the finance within an
agreed timescale. An initial fund would require to be identified, and
thereafter, income from repaid loans would provide the source for
future lending.
3. Proposals
3.1 It is proposed that the Executive approves the content of the SHIP set
out at Appendix 1.
4. Implications
Financial Implications
4.1 The Government has not yet given budget resource assumptions,
therefore, the SHIP is based on the deliverability of projects (assuming
funding is available).
4.2 In relation to Council projects, funding is available to deliver these
projects where indicated, and for those planned projects, there is an
assumption that Government subsidy of £30,000 per unit will be made
available.
4.3 The Council's Housing Services has identified a budget of £1million
from which to secure homes through the Government’s Mortgage to
Rent Scheme. It is anticipated that this level of funding will allow the
purchase of 20 homes and help the Council meets its statutory and
strategic duties in terms of preventing homelessness.
4.4 Furthermore, the Council has also allocated £1million of funding (for
2012/13), to allow the purchase of second hand properties from the
open market - the project will focus initially in the most pressured
housing markets.
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