Councillor Stuart Hutchinson has today approved the introduction of a Local Authority Mortgage Scheme.
The initial plan was for residents to be offered loans of up to £120,000, but this has now been increased to £150,000.
Cllr Stuart Hutchinson agreed that ….
THAT the Local Authority adopts the Local Authority Mortgage Scheme
in accordance with the outline provided within the report, and approves the following:
• A total indemnity value of £1,000,000
• A maximum loan size for the authority of £150,000
• The qualifying post codes will be provided to the lender(s) in a schedule to the indemnity deed and that these will cover the whole of the Isle of Wight.II. THAT the local Authority indemnifies the Monitoring Officer in relation to the provision by the Monitoring Officer of an Opinion letter, should such an Opinion letter be required.
III. THAT delegated Authority is given to the Strategic Director Community Wellbeing and Social Care in consultation with The Cabinet Member for Adult Social Care and Housing to finalise the fine detail and final introduction of the scheme including the finalising of any legal arrangements as set out in paragraph 27 of this report.
Full details are outlined in the document embedded below.
Image: © Tax Brackets
