Using retained RTB receipts to buy temporary accomodation

My client is proposing to buy temporary accommodation for homeless families. The acquisition is to be financed by using 30% retained RTB receipts and the balance from General Fund borrowing. The argument is that these properties can be defined as Social Housing under Part 2 of Housing & Regeneration Act 2008. Has any other Authorities undertaken such acquisitions and if so how did they get on when the Pooling Return was audited?
Parents
  • We are looking to construct temporary accommodation and have approached DCLG about the use of RTB receipts and have had confirmation that the use would appear to meet that requirements of the agreement in terms of S68(1)(a) of the Housing and Regeneration Act 2008, low cost rental accommodation, below market rent, meeting the needs of those not adequately served by the commercial housing market. But that this would need to be agreed with our Auditors as they sign off the return, which they are happy to do.
Reply
  • We are looking to construct temporary accommodation and have approached DCLG about the use of RTB receipts and have had confirmation that the use would appear to meet that requirements of the agreement in terms of S68(1)(a) of the Housing and Regeneration Act 2008, low cost rental accommodation, below market rent, meeting the needs of those not adequately served by the commercial housing market. But that this would need to be agreed with our Auditors as they sign off the return, which they are happy to do.
Children
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