Decision details

To outline a new approach to support housing delivery in the borough.

The current market and financial conditions have resulted in a significant downturn in the delivery of new homes to buy and/or rent. At the same time, there is a growing need for affordable homes in the borough and a reducing level of finance available to support affordable housing investment in the traditional ways.

This report outlines an alternative approach to supporting the delivery of new homes through the creation of a local housing company as a Joint Venture Company. Officers have been exploring this option in partnership with colleagues from Eastleigh Borough Council and two local Registered Providers (Housing Associations). The option provides an opportunity to help stimulate economic growth locally and increase the supply of new homes to buy and/or rent.

The Executive is invited to support the proposal in principle and authorise expenditure on specialist advice and legal costs to progress this option to the next stage.

RESOLVED that the principle of progressing a Joint Venture Company for the delivery of housing is supported and officers be asked to develop a specific proposal, jointly with Eastleigh Borough Council and other Registered Providers for consideration by the Executive in September 2013.