1. Clergy Housing
Options for Future Investment March 2019

2. Today I want to Update Synod on
Stock condition survey for our property portfolio
Our proposals regarding investment

3. Synod proposal David Burgess to move the motion
“ that this synod delegates due authority to the Finance Committee to pursue the necessary financial options to fund an improvement programme across our diocesan housing stock”

4. Our commitment to Clergy Housing
Protect asset value
Provide safe, warm
comfortable home
Decent Home Standard

5. Stock Condition Surveys
Progress to end of February
Surveys carried out
Percentage of stock 33%
Picking up quinquennial, immediate repairs
Lifecycle costing

7. Stock Condition Surveys
Progress to end of February (costs based on poor and fair ratings)
Emerging Extent £Survey £Forecast
External decoration (5) All £35K £105K
Kitchens (20) 56% £94K £282K
Bathrooms (20) 80% £144k £432K
Windows (20) 45% £35k £105K
Heating (mostly radiators) 81% £31K £93K
Total forecast spend £1.01m

8. Financing options Depends on scale of investment
We will consider some or all of the following:-
Enhanced rental income through systematic vacancy lettings.
Up to a 1% increase in Parish Share staged over three years (0.33% per year)
A reduction to DMGF funding of 10% followed by flat rating
A reduction in Episcopal discretionary posts by 1, from 2021 onwards
A small contribution from the established clergy housing revenue budget
Selective disposal of housing stock
Investment in realisation of non-incumbents of housing assets

9. Next stages Survey complete in summer Move quickly Lever in funding
Design and tender programmes

10. Synod proposal David Burgess to move the motion
“ that this synod delegates due authority to the Finance Committee to pursue the necessary financial options to fund an improvement programme across our diocesan housing stock”

11. Clergy Housing
Performance Report March 2019

12. Budget (Rental income)
We want to establish a separate budget around
our long term rental properties
A better route for investment in stock
Incentives to push for a surplus for reinvestment
Budget will also cover property transactions

13. Properties for rent and sale
We are actively working to
improve the time it takes to put a short term vacancy on the market
Proactively monitor lettings and sales performance
Add new agents into the mix