Purpose

Cabinet to approve an acquisition programme
using funding from the Greater London Authority (GLA) to provide 64
new affordable homes in the borough before September 2026. Cabinet
to approve a budget for the acquisition programme as well as any
amendments required to the current funding agreement with the
GLA

Content

Cabinet:
 
(1)         
approved that the council sign a Deed of
Variation with the Greater London Authority (GLA) to its Affordable
Homes Programme (AFP) 2021-26 Funding Agreement, to allow for
the allocation to be switched to the Council Homes Affordable
Programme (CHAP) programme;

 
(2)         
approved a budget of £28.8m to acquire a
minimum of 64 homes through the AFP, with £20.2m funded from
borrowing and the balance from the GLA grant. Borrowing will be
held in the General Fund;
 
(3)         
delegated agreement of the terms and entering into
of the associated legal documentation for each acquisition to the
Corporate Director of Regeneration, Planning and Delivery;
 
(4)         
approved an increase in the General Fund budget
for temporary accommodation of £0.335m in 2025/26 and
beyond from contingency, which avoids circa £900k of
emergency temporary accommodation Private Sector Leasing (PSL)
spend per annum as set out at 7.1.8 of the report; and
 
(5)         
delegated the terms of a single acquisition, within
the total budget envelope, if over £1m to the Corporate
Director of Regeneration, Planning and Delivery in consultation
with the Portfolio Lead Member for Housing & Regeneration, the
Strategic Director, Place and the Strategic Director,
Resources.
 

Options & Alternatives Considered

Return the grant. The only alternative course of
action for the council would be to return the grant to the GLA and
not receive any of the potential benefit of additional temporary
accommodation provision. There would also be interest payable to
the GLA by the council.