Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: No

Date of Decision: June 3, 2025

Purpose: Cabinet to approve an acquisition programme using funding from the Greater London Authority (GLA) to provide 64 new affordable homes in the borough before September 2026. Cabinet to approve a budget for the acquisition programme as well as any amendments required to the current funding agreement with the GLA

Content: Cabinet:   (1)          approved that the council sign a Deed of Variation with the Greater London Authority (GLA) to its Affordable Homes Programme (AFP) 2021-26 Funding Agreement, to allow for the allocation to be switched to the Council Homes Affordable Programme (CHAP) programme;   (2)          approved a budget of £28.8m to acquire a minimum of 64 homes through the AFP, with £20.2m funded from borrowing and the balance from the GLA grant. Borrowing will be held in the General Fund;   (3)          delegated agreement of the terms and entering into of the associated legal documentation for each acquisition to the Corporate Director of Regeneration, Planning and Delivery;   (4)          approved an increase in the General Fund budget for temporary accommodation of £0.335m in 2025/26 and beyond from contingency, which avoids circa £900k of emergency temporary accommodation Private Sector Leasing (PSL) spend per annum as set out at 7.1.8 of the report; and   (5)          delegated the terms of a single acquisition, within the total budget envelope, if over £1m to the Corporate Director of Regeneration, Planning and Delivery in consultation with the Portfolio Lead Member for Housing & Regeneration, the Strategic Director, Place and the Strategic Director, Resources.   Options & Alternatives Considered Return the grant. The only alternative course of action for the council would be to return the grant to the GLA and not receive any of the potential benefit of additional temporary accommodation provision. There would also be interest payable to the GLA by the council.