Content

Cabinet:

(1)         
agreed in principle the allocation by the GLA of grant funding for the delivery of
affordable homes across a portfolio of five sites of strategic
importance; Avenue Road & Montague Road (the Housing Estates)
and Lea Bridge Station, Willow House & Patchworks (the
Development Sites);

(2)         
approved the allocation of existing and anticipated
S106 monies, of up to £10m, as a council contribution,
alongside GLA grant, to enable delivery of the
Development Sites;

(3)         
delegate approval of an Outline Business Case and
procurement of a delivery partner for Avenue Road Estate to the
Strategic Director of Resources, the Strategic Director of Place
and the Portfolio Lead Member for Housing &
Regeneration;

(4)         
approved that a procurement process is undertaken to
secure a delivery partner for Avenue Road Estate;

(5)         
noted that on completion of the procurement process for Avenue
Road, Cabinet approval will be sought to finalise the appointment,
of the delivery partner;

(6)         
delegated approval of an Outline Business Case and
the principles of the Landlord Offer for Montague Road Estate to
the Strategic Director of Resources, the Strategic Director of
Place & the Portfolio Lead Member for Housing &
Regeneration;

(7)         
approved a Resident Ballot at Montague Road in line
with the Mayor’s estate regeneration best practice
guidelines;

(8)         
noted that a further report will be brought
to Cabinet on the outcome of the Resident
Ballot and the proposed next steps for Montague Road
Estate.
 

Options & Alternatives Considered

The alternative to proceeding with the secured GLA
grant is to take no action at this time. In that scenario none of
the five sites would be deliverable in the short to medium
term.

In the case of the Housing Estates this would have a
significant impact on residents who have been impacted by the
delays in progressing Avenue Road and Montague Road and the
provision of much needed new homes for them. There would continue
to be pressures on the HRA due to the need to undertake maintenance
and cyclical works to keep the estates in a habitable condition
whilst new development options are explored.

In the case of Avenue Road, a significant amount of
GLA grant has already been committed to the scheme and drawn down
by the council and this would need to be returned.

In respect of the Development Sites all three would
be stalled and indefinitely delayed which would have a significant
impact on the number of new homes delivered in the borough in the
coming years.

There is no guarantee that an opportunity to secure
the level of grant funding currently available for the five sites
would be available again at a future time. In light of the
council’s stated priorities the strategic importance of
progressing these sites and the holistic benefits associated with
the decision, it is considered prudent to progress with the secured
grant for the five site portfolio.