1. That Cabinet notes the contents of the report and approves the guidance to be provided to registered providers in the borough in determining their rent setting regime for the new affordable rent tenure for both new build and up to 50% of existing social rented dwellings converting to affordable rent as follows:
1 bed rent of no more than £ 250 pw
2 bed rent of no more than £ 290 pw
3 bed rent of no more than £ 340 pw
4 bed rent of no more than £ 400 pw
(rents to include service charges)
2. That the Director of Housing and Regeneration, in consultation with the Cabinet Member of Housing, reviews this guidance on an annual basis.
3. Where Registered Providers have nomination rights they should promote working households who can afford affordable rent. Registered Providers should have regard to existing levels of benefit dependency in an area and seek to achieve mixed and balanced communities.