| Item | Description | Resolution |
|---|---|---|
| PART 1 - PUBLIC | ||
| MATTERS FOR RECOMMENDATION TO THE COUNCIL | ||
| CB 12/052 |
Local Authority Mortgage Scheme Initiative |
The joint report of the Director of Health and Housing, Director of Finance and Chief Solicitor summarised the discussions with Kent County Council to date regarding the proposed Local Authority Mortgage Scheme (LAMS). It was noted that the LAMS was aimed at first-time buyers purchasing second-hand properties and was designed to help the local housing market and thereby the local economy by increasing the supply of affordable housing. The report considered the financial and housing benefits to the residents of Tonbridge and Malling of possible participation in a LAMS in association with Kent County Council. Members acknowledged the merits of the scheme while raising questions on certain aspects including the degree of risk for the Council and applicants and the possible benefits of undertaking collective negotiation with other Kent district councils. RECOMMENDED: That the scheme be supported in principle and further information be sought on a number of detailed aspects of the financial arrangements into which the Council would be entering for report to the next meeting of the Cabinet. *Referred to Council |