| Item | Description | Resolution |
|---|---|---|
| PART 1 - PUBLIC | ||
| MATTERS FOR RECOMMENDATION TO THE COUNCIL | ||
| CB 13/037 |
Local Authority Mortgage Scheme |
Further to Minute CB 12/074, the report of the Management Team updated the position on consideration given to the financial and investment aspects of the Local Authority Mortgage Scheme (LAMS) in the context of the wider benefits that it sought to achieve for residents and the local housing market. The question of whether the scheme should now proceed was considered in the light of the Government's "Help to Buy" initiative recently announced in the Chancellor's Budget Statement. A supplementary report was circulated at the meeting, providing a comparison between the LAMS and the "Help to Buy" mortgage guarantee scheme. RECOMMENDED: That (1) the launch of the Local Authority Mortgage Scheme be agreed in accordance with policy already adopted and as further explained in the Management Team's report; (2) approval be given for the expenditure of £1 million to sit outside the Council's Capital Plan Review process; and (3) the Director of Central Services and Monitoring Officer be indemnified in respect of any personal liability in providing the Opinion Letter to the lender. *Referred to Council |