[To consider a request for a loan to Wolverhampton Homes for the purchase of properties]

Councillor Louise Miles presented the report on a request from Wolverhampton Homes for a loan for the purchase of properties. 

Resolved:

That Council be recommended to:

1.    Approve that Wolverhampton Homes are authorised to purchase properties from WV Living for the purpose of market rental.

2.    Approve that a loan of up to £1.6 million is provided to Wolverhampton Homes to facilitate the purchase of the properties.

3.    Approve that budgetary provision is made in the capital programme to facilitate the loan.

4.    Delegate authority to the Cabinet Member for Resources, in consultation with the Director of Finance to approve the final terms of the loan.

5.    Delegate authority to the Director of Governance to execute the necessary agreements to give effect to the decisions made.