Cabinet considered the report and RESOLVED to:
1. Agree to set up a Housing Revenue Account (HRA) subject to approval of the HRA Business Plan to be presented to Cabinet in October 2021
2. Agree a minimum stock portfolio target of 1,200 properties by 31 March 2032 (10 Years) with an ambition to supply 2,000 properties by the same date.
3. Approve and adopt the HRA Business Model attached at Appendix A
4. Approve and adopt the following key documents, which are attached as Appendix B to D:
a. Secure Tenancy Agreement (Appendix B)
b. Rent Setting Policy (Appendix C)
c. Asset Management Plan (Appendix D)
5. Delegate authority to approve operational policy documents related to the HRA to the Assistant Director of Housing in consultation with the lead Cabinet Member for Housing.
6. Approve the allocation of funding from reserves to cover the setup costs to a total of £556k in 2021/22 subject to internal governance and approval by Council's s151 officer.