The Committee, acting in its capacity as shareholder of Homes for Reading Limited, received a report seeking approval to consult on the proposed closure of Homes for Reading and for the company’s properties to be transferred to the Housing Revenue Account.  Attached to the report at Appendix 1 was a review of Homes for Reading carried out by external advisers and at Appendices 2-4 draft correspondence and consultation documents.

The report explained the reasons for the proposed closure and that it would be carried out on a phased basis as existing tenancies concluded, with the properties to be relet at sub-market levels.  This would allow for the orderly transfer of properties to the Council, repayment of the outstanding debt and a managed winding-up of the Company.

Resolved -

(1)          That the Board and Tenants of Homes for Reading Ltd be consulted on the possible closure of the Company and a transfer of the properties into the Housing Revenue Account;

(2)       That the Director of Finance, in consultation with the Assistant Director of Legal and Democratic Services, be authorised to respond to all consultation responses and to finalise the decision on behalf of the Council if there were no significant points raised which did not need, in the view of the Director, to be reported to the Committee for final decision;

(2)          That the Assistant Director of Legal and Democratic Services be authorised to implement the closure of the Company and a transfer of the properties into the Housing Revenue Account if finalised by the Director of Finance (under resolution 2 above).

(Exempt information as defined in Paragraph 3.)