Jersey Homes Trust participation in development of field 690A, St. Martin.

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A decision made (04/12/2006) regarding Jersey Homes Trust participation in development of field 690A, Maufant, St. Martin.

Subject:	JERSEY HOMES TRUST PARTICIPATION IN DEVELOPMENT OF FIELD 690A, MAUFANT, ST MARTIN
Decision Reference:	MD-H-2006-0076		Exempt clause(s):	n/a
Type of Report: (oral or written)	Written		Person Giving Report (if oral):	n/a
Telephone or e-mail Meeting?	n/a		Report File ref:	Report Agreement to scheme 1-12-06cm
Written report – Title	JERSEY HOMES TRUST PARTICIPATION IN DEVELOPMENT OF FIELD 690A, MAUFANT, ST MARTIN
Written report – Author (name and job title)	Carl B Mavity Director of Estate Services
Decision(s): That the Minister lends his support to the Jersey Homes Trusts participation in the scheme and on behalf of the Trust, seeks the approval of the Treasury & Resources Minister for the issue of the requisite letter of comfort for the Trust’s lenders, limited to subsidy support from the Housing Development Fund where the Trust’s interest charges exceed 6%.
Reason(s) for decision: To allow the development of this rezoned site and to request that the Treasury & Resources Minister make available the requisite letter of comfort for the Trust’s borrowers.
Action required: Copy of decision to Treasury & Resources Minister
Signature: (Minister)		Date of Decision: 4 December 2006

Jersey Homes Trust participation in development of field 690A, St. Martin.

REPORT TO THE HOUSING MINISTER

DATE OF REPORT: - 1st December 2006

JERSEY HOMES TRUST PARTICIPATION IN

DEVELOPMENT OF FIELD 690a, MAUFANT, ST MARTIN

Background

Field 690a, Maufant, St Martin is to be developed by J F Marett & Son Limited as a development of 40 no. 3 bedroom homes. 55% of the resultant homes are for First Time Buyers and 45% (19 units) are for Social Rented occupation.

It is proposed that these 19 units will be acquired by the Jersey Homes Trust for the sum of £3,353,558, or £176,503 per unit, plus an allowance of £11,442 for contingencies.

All of the units exceed the minimum standards in respect of size and work should commence in 2007 with the units being occupied sometime in 2008. A debt redemption model has been prepared and is annexed hereto which shows a repayment on the capital in 25 years subject to certain assumptions about rental income and inflation.

80% of the completed units will be available for nominations from the Housing Department’s waiting lists.

Recommendation

That the Minister lend his support to the Jersey Homes Trusts participation in the scheme and on behalf of the Trust, seeks the approval of the Treasury & Resources Minister for the issue of the requisite letter of comfort for the Trust’s lenders, limited to subsidy support from the Housing Development Fund where the Trust’s interest charges exceed 6%.

C Mavity

Director of Estate Services

1-12-06