Decision Maker: Executive

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: March 27, 2025

Purpose:

Content: Recommendations: 1.1. To approve the borrowing of £35.410 million within the Housing Revenue Account to supplement the £36 million funding provided by the GLA, the £9.870 million funding provided to Islington Council by the Ministry of Housing Communities and Local Government and the £4.635 million 141 Right to Buy receipts provided by Islington Council to enable the council to purchase circa 193 Ex Right to Buy properties. 1.2. To note the capital funding of up to £50.505 million allocated to Islington Council by the GLA, MHCLG and the use of Right to Buy receipts and borrowing from the PWLB and to enter all the grant agreements and Memorandum of Understandings to commence the purchasing of circa 193 Ex Right to Buy properties in Islington to accommodate homeless households with a local connection to Islington. 1.3. To note the funding and to commence the purchase of these properties immediately. 1.4. To approve the borrowing of £35.410 million from the PWLB by the Housing Revenue Account. 1.5. To approve the budget increases as outlined in section 7 of this report.     AGREED 1. RECOMMENDATIONS 2.That thanks be expressed to MHLG and the GLA for the funding, and to the Leader of the Council and the Director of Housing Operations for their work on this project.     – as detailed in the report – as detailed in the report – none