Purpose

To approve signing of the Memorandum of Understanding with MHCLG to deliver this scheme, and the required budget.

Decision

1. Approved that the Council enters into the Memorandum of Understanding with the Ministry of Housing Communities and Local Government (MHCLG) to deliver the Local Authority Housing Fund Round Four, to provide the Royal Borough of Greenwich with £20,259,000 of capital grant funding and £172,466 of revenue funding. The Memorandum of Understanding is contained in Appendix 1 of this report.
2. Approved the following budgets to enable the delivery of the Local Authority Housing Fund Round Four programme:

·        MHCLG Capital Grant = £20,259,000

·        MHCLG Revenue Grant = £172,466

·        General Fund Borrowing = £19,288,258

1. Noted the financial assumptions outlined in appendix two of this report, which apply a portfolio approach to the delivery of the programme and set indicative purchase prices per property against each bedroom size. These assumptions ensure the proposals in this report do not provide a General Fund budget pressure.
2. Delegated to the Director of Place and Growth authority to acquire properties and otherwise apply the funding under, and in accordance with, the Local Authority Housing Fund programme.
3. Noted that on 31 March 2026 the Leader of the Council agreed to change the scheme of delegation to withdraw the delegation to Cabinet in respect of the Local Authority Housing Fund and allocate the matter to himself as Leader of the Council.