Purpose

Approval of a programme to acquire new build residential blocks of apartments and houses from developers and housing associations.
 

Decision

DECISION;

1. Approved the new build acquisition programme within the financial constraints set out in paragraphs 3.6 to 3.10.
2. Approved the bidding, application, and drawdown of any associated grant.
3. Approved entering all necessary legal agreements in connection with the acquisition of the homes.
4. Delegated decision of any final terms or variations to the Corporate Director of Housing and Regeneration in consultation with the Mayor.

Reasons for the decision

The report seeks approval for the inclusion of a capital scheme to acquire new build housing opportunities from developers in the borough. The Council currently has a number of opportunities to enter into development agreements with developers to acquire new build affordable housing.

Alternative Options

The alternative is to meet the need through direct delivery on Council owned land but is likely to take a lot longer and possibly not be as cost efficient as these opportunities.

This would mean that these affordable homes would either be severely delayed or not to be delivered at all. The developer on Poplar Riverside and London Dock have said that they have exhausted all options and will go back to planning for a variation on the section 106.

The developer on Aberfeldy Village will likely sell these homes as private sale. 2.5 If both developments stall the council would forego any associated grant and fail to deliver high quality social homes.

Action by:

CORPORATE DIRECTOR FOR HOUSING & REGENERATION (D. JOYCE)