A joint report was received from the Head of Community and Customer Services and the Head of Development and Regeneration.  Watford Community Housing Trust (WCHT) had approached Watford Borough Council (WBC) to explore the possibility of establishing a joint-venture vehicle to generate additional income.  WBC wished to generate additional affordable housing in the Borough and increase revenue to support its activities and services.  The Trust was seeking to generate capital or property to sustain its delivery of new rented and shared ownership homes and provide services for residents.

Councillor Johnson introduced the report commenting that it made a lot of sense to work in partnership with the Trust. The main aim was to work together with WCHT to bring forward more affordable housing.  The Housing Department would be able to use the properties for people who were waiting on the housing list as currently there were still a large number of people in temporary accommodation. 

The Head of Community and Customer Services explained that it was a commercial opportunity, as mentioned in the Mayor’s introduction to the meeting, to bring in additional revenue to achieve the council’s aims and goals.

The Mayor stated that this type of approach was encouraged by the Local Government Association and although Watford would not be the first, it would be an early pioneer.  There were concerns regarding the Planning Bill around affordable homes which she would raise with Watford’s MP, however, as part of the Bill there would also be more home ownership.  WCHT were an obvious partner for the Council.

Councillor Bell commented that he supported this approach and would be having a briefing with WCHT.

RESOLVED

That Cabinet:

1. approves the formation of a Joint-Venture Housing Company with Watford Community Housing Trust.
   
   
2. approves the expenditure to establish the Company, currently estimated at £12,500 which is contained within existing budgets.
   
   
3. confirms the directors to be appointed as Joanne Wagstaffe, Shared Director of Finance and Alan Gough, Head of Community and Customer Services.
   
   
4. approves that other projects may be brought forward which further the aims of the Joint-Venture.
   
   
5. approves that the Joint-Venture projects should be overseen by the WBC Property Investment Board and the Trust’s Board of Management.
   
   
6. notes that the Joint Venture projects will also be reported to the Major Projects Board for wider review.