Agenda item

Report of the Director of Community and Children’s Services.

Members received a report of the Director of Community and Children’s Services regarding financial support for leaseholders and the following points were made.

·         The Head of Estates noted that Members should be mindful of legal obligations including the Housing Revenue Account (HRA).

·         A Member noted that he felt the City of London Corporation should offer as much financial support as possible in line with statutory considerations. He would welcome a breakdown of the estimated costs.

·         In response to some observations from a Member, the Head of Estates agreed to model what financial support would look like if the loan limit was increased, an early repayment option was implemented, and the loan repayment period was extended beyond 10 years.

·         A Member suggested that any loans should be offered interest free.

·         In response to a question from a Member, the Director of Community and Children’s Services replied that the ‘buy back’ option was standard practice across all local authorities.

·         In response to a question from a Member, the Director of Community and Children’s Services confirmed that loans would not be offered to persons who owned the property in question as a second home.

RECEIVED