Decision details

RESOLVED - that (A) £1m be allocated to support the LAMS scheme in East Herts and that the following parameters be set:

(1)       the Scheme to apply to all post code areas within East Herts; and

(2)       the maximum loan per property be set at £160,000;

(B)      the Executive Member for Finance be authorised to determine the allocation of the £1m in (A) above to either a cash backed or guarantee scheme, in the light of confirmed interest from local and national mortgage providers;

(C)      subject to the determination by the Executive Member of Finance in (B) above, approval be given in respect of Lloyds TSB Bank plc and Lloyds TSB Scotland plc for:

(1)       a Scheme Indemnity Deed as set out at Essential Reference Paper ‘E’ of the report submitted; and

(2)       an Officer’s Indemnity Deed as set out at Essential Reference Paper ‘F’ of the report submitted.