Purpose

To gain the necessary approvals
to deliver the programme

Content

1.   
Approved that the Council enters into a Deed of
Variation to the Greater London Authority 2021 – 2026
Affordable Housing Contract, as set out in Appendix 1 of this
report, to deliver the Council Homes Acquisition Programme and
provide the Royal Borough of Greenwich with £31,218,418 of
grant funding to enable the delivery of 150 permanent social rented
homes in the Housing Revenue Account (HRA).
 
2.   
Approved the following budgets to enable the
delivery of the Council Homes Acquisition Programme:
 
•          
Council Homes Acquisition Programme Grant =
£31,218,418
•          
Housing Revenue Account Borrowing = £17,301,582
 
3.   
Noted the assumptions outlined in Appendix 2 of this
report, which apply a portfolio approach to the delivery of the
programme and set indicative purchase prices per property against
each bedroom size.    
 
4.   
Noted the plan to increase the number of HRA homes
used for temporary accommodation by 50, in addition to the 50 homes
noted by Cabinet on 21 February 2024, by repurposing existing HRA
properties as they become void.
 
5.   
Delegated to the Director of Regeneration,
Enterprise and Skills authority to acquire properties and otherwise
apply the funding under, and in accordance with, the Council Homes
Acquisition Programme.
 
6.   
Noted that on 24th May 2024 the Leader agreed to
amend the scheme of delegation to allocate to himself to approve
matters in relation to the Council Homes Acquisition
Programme.   
 
7.   
Noted that the Council is also under immediate and
sustained pressure to reduce spend on temporary accommodation and
requires the ability to acquire properties in order to fulfil this
duty as a matter of urgency and before the next Cabinet
Meeting.