Purpose

To acquire an additional 104 homes being
developed through the regeneration of
the Cambridge Road Estate (CRE) at a gross cost to the Housing
Revenue Account
(HRA) of £49.919m for use as Council social rented
accommodation. These homes
will be in addition to the existing 150 homes within Phase One
which the Council
has committed to acquire from the LLP; ultimately delivering 254
Council social
rented homes within Phase One alongside 15 shared equity homes and
183 private
for sale homes in the first phase of the CRE scheme which delivers
a total of 452
homes.

The additional 104 homes being acquired were originally anticipated
to be private
for sale homes and under this proposal will be converted to Council
social rented
accommodation and will be let on secure tenancies. The acquisition
costs for the
additional social rented units within Phase One are being supported
by two GLA
grants. The first is being provided as a top up grant in support of
the 150 homes the
Council had already agreed to acquire and will be paid as an
extension under the
terms of the existing grant agreement dated 30 January 2019
(“the 2019
Agreement”) under the GLA’s Affordable Housing
Programme 2016-21. The 104
additional homes are being supported through a grant drawn from the
GLA’s current
Affordable Housing Programme which spans 2021-26. This will be
subject to a new
grant agreement under the updated terms of that programme.

The value of these grants and the net cost to the Council’s
HRA are detailed within
the confidential annex.
The decision being taken is for the Council to:
1. Acquire an additional 104 homes within Phase One from Cambridge
Road
(RBK) LLP at a gross cost of £49.919m;
2. Accept the GLA grant monies being provided as an extension to
the 2019
Agreement being paid under the Affordable Housing Programme
2016-21
(value as per the confidential annex); and
3. Accept the GLA grant monies being provided and enter into a
further
agreement under the standard terms of the GLA’s Affordable
Housing
Programme 2021-26.