Part C: Our work in detail

Statement of city housing portfolio ​assessment framework4

The Council is undertaking a significant upgrade of its social housing stock. This will require administrative decisions from time to time in relation to the disposal and reinvestment back into the housing portfolio.

The Council manages its City Housing Portfolio using the ‘City Housing Portfolio Assessment Framework’ (2014). The Council is committed by the 2008 Deed of Grant with the Crown to remain in social housing at approximately the same levels until June 2038 and ring-fence all income from its social housing activity for reinvestment back into the asset. All proceeds from the sale of social housing assets must be reinvested in the social housing portfolio.

The City Housing Portfolio Assessment Framework allows the Council to objectively assess and compare properties in the Council’s present and potential future portfolio, in order to meet Council’s strategic objectives. The Framework is based on a number of asset related principles:

The Community, Sport and Recreation Committee (or such other Committee that may have the form and function of the present Community, Sport and Recreation Committee) has been delegated the power to make decisions under the City Housing Portfolio Assessment Framework provided that:

a) the divestment decision is less than $2 million and
b) the reinvestment of proceeds (from divestment) is in social housing
c) the proposal is in accordance with the City Housing Portfolio Assessment Framework (2014), the Deed of Grant for Wellington City Council’s Social Housing (2008) and the Council’s Significance and Engagement Policy
d) for any matter not meeting the requirements in a-c above, the Committee will have the power of recommendation only and the final decision will be made by Council.
4 See Volume 2: Significance and Engagement Policy: List of Strategic Assets.