Agenda item

Report of the Executive Director, Community & Children’s Services.

The Sub-Committee received a report of the Executive Director, Community & Children’s Services concerning the implications of each of options for the Housing Revenue Account.

Members discussed extending the discretionary loan scheme, increasing the maximum loan amount from £72,500 to £100,000, and extending the loan term from 10 years to 15 years. There was a suggestion to consider extending the loan term to 25 years, as some leaseholders might face difficulties with the proposed terms. Members emphasised the need for a single document covering all loan options for greater clarity.

Members raised concerns about the adequacy of the £100,000 loan to cover major works projects and suggested having multiple options for different loan amounts and terms. The importance of involving leaseholders in discussions about their needs was highlighted. The Sub-Committee decided to take the questions about the loan amount and term extension to the Chamberlain's department for further consideration.

The Sub-Committee agreed to bring the matter back in November after further discussions with the Chamberlain. There was a consensus that the recommendations should be stretched to meet the estimated costs of the works and to consider extending the loan term beyond 15 years.