Issue - meetings

Minute 521 refers

In response to comments made by Councillor M Wood, the Leader stated that improving publicity for the scheme would be discussed with Lloyds Bank.  The Executive Member for Finance referred to the role of all Members in raising awareness with residents.

RESOLVED – that (A) the Council’s Local Authority Mortgage Scheme, approved at its meeting held on 22 February 2012, be amended as follows:

The maximum loan amount that can be awarded per property be increased from £160,000 to £190,000.

(B)      the Monitoring Officer be further indemnified in giving an Opinion Letter in respect of the amendment in (A) above confirming that the Council is able to enter into the Deed of Amendment and is bound by it.

The Executive Member for Finance submitted a report seeking approval to amend the Local Authority Mortgage Scheme (LAMS) by raising the maximum loan amount per property from £160k to £190k.

The Executive recalled that, the Council had been an early adopter, when the scheme had been approved in February 2012.  A wider scheme across the Hertfordshire had been launched in November 2012, with a maximum loan amount set at £190k.  Initial indications were that take up had been limited by the £160k cap.  In order to bring the scheme into line with neighbouring authorities and to stimulate greater access to the scheme, an increase in the maximum loan size to £190k was proposed.  

The Executive Member also proposed an additional amendment relating to indemnifying the Monitoring Officer in giving an Opinion Letter as now detailed.

In response to various comments, the Executive Member undertook to discuss with Officers how best to publicise the scheme further.

The Executive supported the recommendations as now detailed.

RECOMMENDED – that (A) the Council’s Local Authority Mortgage Scheme, approved at its meeting held on 22 February 2012, be amended as follows:

The maximum loan amount that can be awarded per property be increased from £160,000 to £190,000.

(B)    the Monitoring Officer be further indemnified in giving an Opinion Letter in respect of the amendment in (A) above confirming that the Council is able to enter into the Deed of Amendment and is bound by it.