1. To approve the capital threshold proposed in paragraph 2.4.
A clean, safe and enjoyable environment
Building strong and vibrant communities
Providing good quality affordable homes, in particular for those most in need
Statutory Officer Comments
Deputy Monitoring Officer:
No further comments to add to the legal implications included in the report.
Deputy S151 Officer:
The introduction of the capital threshold limit is not projected to have a negative impact on void levels and hence there is no projected financial impact on the HRA. The introduction of the threshold at £400,000 is in line with local property prices and would appear appropriate to allow the HRA to support vulnerable residents in the borough.
Cllr Griffiths introduced the report and said that members would recall that in November last year they brought the revised allocation policy to Cabinet it had been through the Tenants & Leaseholders Committee and the Overview & Scrutiny committee. There has been lots of consultation with the tenants and it was all approved, however when they were going through the final detail of the implantation they had at that point removed any limit on elderly person dwelling. They had a large vacancy in there but they had also removed any requirement for any capital money that people may have, therefore there was a zero threshold to qualify to go into sheltered housing. Through a lot of work that had been done through the sheltered housing team and people coming out of the pandemic they now, do not have a large number of voids that they did have.
It had also been thought that they should bring in a limit, it is proposed at £400K, the evidence is all in the report that had been complied by the officers, and quite a thorough job had been done. She felt it was a very sensible way forward. She said that they could always come back and look at that threshold if it is too high or too low or giving them other issues or exceptions to the policy. She was happy to take questions.
NBeresford wanted to touch on and highlight some key detail. Detailed research had been undertaken in relation to average market value for supported housing properties in the private sector. Market consideration was also given to the rising energy costs, inflation and the overwhelming position with the financial climate in relation to the housing costs level that perspective applicants could have to resolve their own housing need within the private sector market. As mentioned in the report appendices page 94 and 98 provides the narrative to support the context and the decision making process in respect of average market values in Dacorum for general needs accommodation, those are currently sitting at just over £400k.
Our protocol market value of the properties size between one and three bedroom are just over £318K and the average market value for supported housing properties in Dacorum are currently just over £328k. The information contained in the appendices and were the basis of the decision-making has enabled them to set that threshold of £400k. Its felt that was a sufficient level to enable that individual to be able to resolve his or her own hosing needs in Dacorum. The policy dopes make allowance for any circumstance where they may be an exceptional situation such as a household inability to access the property on the open market that may require extensive adaptations. Letting them access the capital and enabling them to afford that home and resolve their own housing need. She was happy to take questions.