Decision details

Matter for decision

To consider the annual update on the council’s intermediate housing company, Cambridge City Housing Company Limited (CCHC) and updated business plan for CCHC for the period 2021/22 – 2030/31.

CCHC performed well over the past year in terms of letting with low void levels, minimal arrears, and low levels of antisocial behaviour. The Annual General Meeting will be held on 16 March 2022.

Since Covid-19, CCHC leased 5 properties from the council to re-let to rough sleepers to help meet their needs, providing accommodation to help keep them safe and provide support. Having operated this model for just over 12 months, it is evident that the shared accommodation model is not suitable for a number of the residents who have been placed in these units. The company is seeking to bring the existing tenancies to an end through the court process and will enter into discussions with the council about the future use of the homes. At the request of the council, one of these leases for a vacant dwelling has been collapsed prematurely to meet a greater housing need.

Financially in 2020/21, CCHC generated a small surplus in direct trading activity of £86,824 (2019/20, £73,882) with a decrease in the value of the investment property by approximately £30,000 or 0.4%, to just under £7.9m.

Decision of the Leader/Executive Councillor for Strategy

Noted the comments of the Strategy and Resources Scrutiny Committee on the draft business plan; and

To inform the Board of Directors of Cambridge City Housing Company of the comments of the Strategy and Resources Scrutiny Committee/Council for consideration in finalising the business plan

As the company’s sole shareholder, confirmed continuing support for the company and recommend refinancing of the company for a further five years at 2.02% p.a., subject to review on the occurrence of any of the conditions set out in paragraph 4.9 of the accompanied report.

Reason for the decision

As detailed in the officer report.

Any alternative options considered and rejected

None.

Scrutiny considerations

The committee noted that the company was currently investigating a further 250 properties but it was dependent on a number of factors.  If wishing to proceed a further report would be expected to come to Members in July.

The scrutiny committee supported the recommendations.

The Executive Councillor approved the recommendations.

Conflicts of interest declared by the Executive Councillor (and any dispensation granted)

No conflicts of interest were declared by the Executive Councillor.