Decision Maker: Cabinet

Outcome: Decision approved

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: October 15, 2024

Purpose: To provide an updated position on the Housing Revenue Account Business Plan. This is a financial model that takes into account projected income and expenditure relating to the Council's social housing stock, identifying priority investment areas and discussing key risks. Key decisions: - approval to reallocate existing AHFN budget to programme of buyback acquisitions funded by Right to Buy receipts (c. £44m) - to approve proposals to make refund payments to tenants in relation to historic water rates

Content: Decision   For the reasons set out in the report and its appendices Cabinet RESOLVED to Agree: i)  To note the HRA Business Plan 2024 report at Appendix 1 ii)  A £44m programme of acquisitions of around 125 new homes, funded by 100% Right to Buy Receipts. This sum is reallocated from the existing approved Affordable Homes for Newham 2 budget, and is set out in detail at section 9 of this report. iii)  To approve the proposal to refund council tenants in relation to historic fees relating to administration of water charges, estimated total £7.96m   Alternatives Considered   a)  The HRA Business Plan is a live document and reflects an updated position and current assumptions, reflecting economic circumstances and the Council’s wider plans, including new homes and regeneration schemes. Large schemes such as these are subject to continuous development and evolution – the Business Plan is regularly updated to reflect these changes. b)  As noted in this report, the operating and regulatory environment is changing significantly and the Business Plan will be updated regularly to take account of these.