Decision Maker: Executive

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: No

Date of Decision: January 22, 2025

Purpose:

Content: That   1.  The addition of £22.05m to the Capital programme (made up of up to £10m GLA grant funding and up to £17.8m from external borrowing) be approved.   2.  The acceptance of Acquisition Funding of up to £10m from the GLA and other grant funding such as Disability Facility Grants (DFG), to fund this programme of works as described in paragraph 3.8 to 3.14 of this report be approved.   3.  The Acquisition Funding being used to provide homes at the Local Housing Allowance (LHA) level, at a rate of £85k per acquisition, be approved.   4.  Authority be delegated to the Director of Housing, Planning, Property and Regeneration to purchase up to 10% of the acquisitions for the purpose of renting at social rent, with the authority to request an additional £575k from the GLA (£115k extra per acquisition) for this purpose.   5.  The acquisition of each of the properties be authorised and authority be delegated to the Director or Housing, Planning, Property and Regeneration to agree the commercial terms of the purchase of each property, within the budget constraint and the indicative allocations given in this report.   6.  Authority be delegated to Assistant Director of Legal Services to sign and execute all relevant legal documentation and any ancillary documents relating thereto.   7.  Authority be delegated to the Director of Housing, Planning, Property & Regeneration to approve Proceeding to Procurement Gateway Reports for acquisition and delivery services required for this programme, at an estimated value of £40k per unit, in agreement with the Portfolio Holder and the Assistant Director Governance & Contracts.   8.  It be note that this scheme will be progressed subject to a Secretary of State Direction to either (a) hold the properties outside of the Housing Revenue Account (HRA) or (b) by Secretary of State’s Direction to allow the transfer of an appropriate sum from the General Fund to the HRA as set out in Paragraph 6.7 of the report.