Purpose

Approval of HRA capital budget for purchase of
around 95 homes for social rent.
 
Decisions
1)  Reallocation of
£30m of an existing HRA Capital budget from newbuild to fund acquisitions
2)  Enter into an
Agreement with the London Legacy Development Corporation to draw
down £8.1m of s106 offsite housing contributions

Decision

For the reasons set out in
the report, Cabinet RESOLVED to Agree:
 

i) 
The reallocation of £30m from the Affordable Homes for Newham
2 programme to a new HRA Acquisitions budget for 2023-2024 to fund
the purchase of homes for social housing.

 

ii) 
The Council’s entry into a Grant Agreement with the London
Legacy Development Corporation to draw down £8.1m of s106
offsite housing contributions, which will provide part financing of
the £30m budget.

 

iii) 
A delegation of authority to the Director of Housing, in
consultation with the Lead Member for Housing Management and
Modernisation, to take all necessary steps to implement the above
recommendations.
 
Alternatives
Considered
 
a) 
The alternative approach would be to continue with
the newbuild programme as originally
envisaged, and not reallocate part of the funding to an acquisition
programme. This would not realise the benefits identified at 4.3 of
this report, principally the early delivery of homes available for
letting.