Purpose

On 7 September 2022, Cabinet approved an Implementation Strategy
to update the structure of Camden Living Ltd (CLL) and create a
Camden Living group of companies including a new company, Camden
Living (Social Offer) SC/2022/48. The objective is to speed up
delivery of new homes for social rent and continue to provide a
range of affordable housing opportunities for Camden residents.
 
A key element of the Implementation Strategy was that Camden
Living Social Offer (referred to in this report as CLR) should
apply to the Regulator of Social Housing (Regulator) to become a
Registered Provider (RP) of social housing. CLR’s RP
application has now successfully passed its Preliminary Stage and
is progressing to the Detailed Application stage. The Detailed
Application requires applicants to show how they meet the full
registration criteria under section 112(3) of the Housing and
Regeneration Act 2008. This report will form part of the Detailed
Application and demonstrate to the Regulator how CLR’s plan
to become a social landlord will be realised.
 
This report presents proposals for approval under delegated
authority for the Council to enter: an Agreement to Lease and Lease
to dispose of 34 new social rent homes in Central Somers Town to
CLR, and Service Contracts to provide Corporate Services and
Housing and Property Management Services to CLR.
The report also asks the Council’s nominated Camden Living
Shareholder Representative (CL Representative) for Reserved Matters
approval to CLR’s Detailed Application and to enter into the
Agreements with the Council. This includes approval of CLR’s
Business Plan and agreement to enter into a Loan Agreement with the
Council. 
 
A separate non-key executive decision (NKED) asks the Executive
Director of Corporate Services to approve proposals to enter into a
loan facility agreement between the Council and CLR for the purpose
of delivering additional social housing.
 
Together, these proposals will contribute to the aspirations set
out through We Make Camden, by increasing the Council’s
capacity to create genuinely affordable homes through the Community
Investment Programme (CIP) by financing delivery outside of the
Housing Revenue Account (HRA).

Content

THAT having due regard to the obligations in section 149 of the
Equality Act 2010 and the Equalities Impact Assessment contained at
Appendix A, the decision maker is asked to approve the following
recommendations on behalf of the Council in relation to the
Council’s dealings with CLR (and Camden Living Group Ltd
(CLG) and Camden Living Ltd (CLL))
 

The Executive Director Supporting Communities, acting in their
corporate capacity in relation to CLG, in consultation with the
Executive Director Corporate Services, the Cabinet Member for New
Homes, Jobs and Community Investment, Cabinet Member for Better
Homes, Cabinet Member for Finance and Cost of Living, and the
Borough Solicitor’s representative agrees to the
Council:

 

a.   
disposing of 34 new social rent homes to be
created at Central Somers Town to CLR at a best consideration
transfer price of £6.4m based on the terms summarised in
paragraphs 2.4 to 2.6 of the Report (CST Platform Scheme) and
authorising the Director of Development, in consultation with the
Borough Solicitor’s representative, to take all associated
actions reasonably necessary to complete the transaction including
Agreement to Lease and Lease

b.   
the appropriation of the Housing Portion of the CST Platform Scheme
site to the Council’s planning powers to facilitate delivery
of the CST Platform Scheme as set out in paragraph 2.7

c.    
entering contracts for the provision of services (Service
Contracts) with CLR and CLL based on the terms summarised in
paragraphs 2.8 to 2.16 of the Report and authorising the Director
of Finance to agree the final terms of the Housing and Property
Management and Corporate Services Contracts on behalf of the
Council.

d.   
making the Service Delivery Commitment to CLR and CLL summarised in
paragraph 2.16 of the Report.
 

The Executive Director Supporting Communities, as the
Council’s nominated Shareholder Representative for Camden
Living, in consultation with the Executive Director Corporate
Services, Cabinet Member Jobs & Homes and Community Investment,
Cabinet Member for Better Homes, Cabinet Member for Finance and
Cost of Living, and the Borough Solicitor’s
representative:

 

a.   
endorses the Detailed Application of CLR to the Regulator of Social
Housing for Registered Provider status, as summarised in paragraphs
2.17 and 2.18 and

b.   
gives Reserved Matters approval to CLG to approve CLR’s
Business Plan and Detailed Application to the Regulator and
associated financial and commercial information this to include the
following elements:
 

(i)   
the CLR Corporate Strategy and the CLR Long Term Financial Plan
contained in the confidential Part II Appendix E to this
report.

(ii)  
Any actions associated with CLR’s implementation of the
Business Plan including the information referred to (i) above, this
to include CLR entering any legal documentation to acquire the CST
Platform Scheme and entering into the Funding Agreement and any
associated security instruments underpinning the acquisition and
Business Plan.