The Council, at its meeting held on 22 September 2016, has agreed the principle of setting up a new wholly owned development company to develop and own homes with the overarching aim of maximising income back to the Council and supports outcomes in the housing strategy.  The proposal outlines the necessary due diligence to explore the objectives listed in paragraph 2.5 to the submitted report and to recommend:

·       The appropriate company structure  and Governance arrangements;

·        Financial modelling and stress tests and flows to council; and

·        Benefits and risks.

That the Council be recommended to approve the Housing Companies - Policy Framework Document set out at Appendix 2 to the submitted report (and attached to this record of decision).

To put forward the Mayor’s proposed Housing Companies - Policy Framework Document.

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The recommendation of the Mayor will be considered at the Council meeting on 22 June 2017.

The draft Housing Companies - Policy Framework Document considered at the meeting of the Policy Development and Decision Group (Joint Operations Team) on 18 May 2017 and was subsequently published for consultation on 25 May 2017.

The attached Policy Framework document sets out to deliver elements of the Council’s Housing Strategy through funds available to the Council for affordable housing.

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