Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: Yes
1. That the governance structure and approvals process identified in the report be approved. Key decisions, as listed, would be reported to Cabinet for approval. Other operational decisions as noted are delegated to the Director of Finance and the Chief Operating Officer acting on behalf of the Council as a member of the Help to Own partnerships, and otherwise to the appointees to the scheme Management Board.
2. That the minor amendments to correct and clarify certain of the transaction documents signed on 16 April 2021 to establish the scheme and delegation to the Director of Finance and Chief Operating Officer of authority to approve on behalf of the Council as a member of HTO2 LLP be approved.
3. That it be noted that this is the first six monthly update on the scheme and shows a strong initial performance with 352 applications for the 100 houses. Of these 70 have been approved to date, 50.% from key workers and 61% from Wolverhampton residents.
4. That it be noted that the first 23 houses are expected to be delivered and occupied in September with the balance delivered in tranches over the following 6 months. Loans would be drawn down from the facility with the West Midlands Pension Fund (WMPF) to fund the purchase of each tranche.
Publication date: 09/09/2021
Date of decision: 08/09/2021
Decided at meeting: 08/09/2021 - Cabinet
Effective from: 15/09/2021