For the reasons set out in this report and its appendices Cabinet agreed that the Council:

1.    Acting as Shareholder to MLH, approve the Company Business Case with heads of terms attached at exempt Appendix 1 of the report.

2.    Enters into a service contract with MLH for the acquisition of assets to house homeless families delegated to the Director of Housing in consultation with Lead Cabinet Member for Housing.

3.    Enters into loan agreements at market rate with the Company of up to £62,319,000 including delegating to the Chief Finance Officer, the ability to authorise drawdowns, refinance against the loan facility and approve the terms in consultation with the Lead Cabinet Member for Finance. This is to be in place throughout the duration of the loan in line with the agreement including ensuring appropriate secure charges are registered to protect the Council’s interest as lender against each asset purchased.

4.    Enters into agreements with MLH whereby the Council HRA provide the relevant support services associated with the management of the assets delegated to the Director of Housing in consultation with Lead Cabinet member for housing.