1.         that Cabinet notes that the existing total amount of capital grant funding received to support the project is £5 million, comprising £3 million from The Levelling Up Partnership and £2 million from The Devon and Torbay Devolution Deal, and notes that this grant funding will be used for both interim funding of schemes before Business Cases are finalised, and for part funding of completed schemes;

2.         that Cabinet approves the principle of the funding model for the Accommodation Repurposing Project, namely that each scheme is funded by a combination of Homes England grant, an appropriate level of supported prudential borrowing, with any residual funding requirement made up from monies already received from the Levelling-Up Partnership, the Devon and Torbay Devolution Deal (or any other relevant affordable housing subsidy available to Torbay Council at the time);

3.         that subject to Full Council approving the £20 million prudential borrowing, Cabinet approves the stated ambition to create an Accommodation Repurposing Programme that is able to deliver an average of 75 units per year and that Full Business Cases for each scheme be presented to Cabinet for approval in due course;

4.         that subject to Full Council approving the £20 million prudential borrowing, Cabinet provide delegated authority to the Director of Finance, in consultation with the Cabinet Member for Housing and Finance, to acquire sites for the Accommodation Repurposing Programme, ahead of Cabinet consideration of a Full Business Case (where necessary);

5.         that Cabinet requests that Head of Strategic Housing and Delivery prepare an annual report for consideration by the Overview and Scrutiny Board and Cabinet, demonstrating progress against the project; and

That Cabinet recommends to Council:

6.         that £20 million of prudential borrowing be approved to part fund individual schemes within the Accommodation Repurposing Programme, subject to repayment of borrowing being supported by rental income from the schemes after deduction of projected management and operating costs and appropriate allowances for future maintenance cost of the properties (taking account of any grant funding that may be available for the individual site).