This meeting was scheduled to include the potential acquisition of new affordable homes at the Fellowship Square development in Waltham Forest.

Proposed Acquisition of New Build Affordable Homes for Rent

The meeting was scheduled to include consideration of a report about the potential acquisition of 53 new-build homes at Fellowship Square, on the site of the old Waltham Forest Town Hall.

The report explained that in July 2024, the Secretary of State for Housing, Communities and Local Government made changes to the rules around local authorities' use of Right to Buy receipts, which allowed them to use 100% of their receipts for the acquisition of new homes until March 2026. The report explained that the homes at Fellowship Square were originally to be made available for social rent through a housing association, but that the Council now had the opportunity to purchase the homes itself.

The report argued that it would be advantageous for the council to purchase the homes because:

This opportunity is considered to provide the following benefits to the council: ▪ Allows the council to maximise the benefit of available RtB funds within the period 2024/25 – 2025/26. ▪ Protects and expedites the delivery of affordable housing at Fellowship Square ▪ Increases the council’s overall supply of social rented housing. ▪ Increases the council’s ownership of homes at the Fellowship Square scheme. ▪ Improves the viability for the continued delivery of the Fellowship Square scheme for both the council and Countryside Properties. ▪ Is financially viable for the council within the HRA’s Medium-Term Financial Strategy (MTFS) as the project will provide a surplus in year 1 due to the acquisition being funded with no borrowing. ▪ Allows for a reduction in temporary accommodation reliance and costs by increasing the council’s housing stock.

The report explained that an equality impact assessment and a climate change impact assessment had been carried out when the decision was originally taken to develop the site in partnership with Countryside Properties. The reports are included in the meeting pack as [Appendix 3 - Preliminary EQIA Template](https://democracy.walthamforest.gov.uk/documents/s99613/Appendix+3+-+Preliminary+EQIA+Template.pdf) and [Appendix 4 - Climate Change Impact Matrix](https://democracy.walthamforest.gov.uk/documents/s99614/Appendix+4+-+Climate+Change+Impact+Matrix.pdf).

The report asked the Deputy Leader and Portfolio Lead Member for Housing & Regeneration to approve the use of Right to Buy receipts to purchase the homes from Countryside Properties.

This decision was due to be reviewed by the council's Scrutiny Committee on 11 December 2024.