Agenda item

Approval to enter into Approved Provider Grant Agreement (Local Authority) in relation to the Affordable Homes Programme 2016-2021

Decision:

Cabinet:

 

  1. Approved the entering into contract with the GLA for the provision of grant funding for the 2016 – 2021 programmes to support the provision of affordable housing.

 

  1. Agreed for the agreement be executed under the Council’s common seal as a Deed and signed in accordance with the agreed scheme of delegations

 

  1. Agreed to delegate to the Leader of the Council, after consultation with the Director of Neighbourhoods, authority to agree and sign any extension, variation or general contract management powers.

 

4.    Noted a correction to the legal implications and risks section of the report. Paragraph (E) should read as Conditions 9, 10, 11, 18.8 or 19.

Minutes:

Councillor Damian White, Cabinet Member for Housing and Deputy Leader of the Council, introduced the report

 

This report seeks approval from Cabinet to enter into the Approved Provider Grant Agreement (Local Authority) in relation to the Affordable Homes Programme 2016- 2021 with the Greater London Authority (GLA) as the funding body.

 

Reasons for the Decision:

 

By entering into the agreement the Council will access grant funding to complement a Joint Venture Limited Liability Partnership to bring forward the delivery of affordable housing associated with the 12 Estates Regeneration programme. Consequently the Council is therefore better placed to secure its regeneration.

 

Other options considered:

 

To undertake the scheme without grant funding.

 

Rejected - A detailed financial appraisal was completed for the development of the sites in question. This confirmed the Council could not deliver the scheme from its existing resources without significant borrowing being required. The interest burdens would place pressure on the HRA Business Plan and remove the flexibility of the borrowing headroom attributable to the HRA.

 

Cabinet:

 

  1. Approved the entering into contract with the GLA for the provision of grant funding for the 2016 – 2021 programmes to support the provision of affordable housing.

 

  1. Agreed for the agreement be executed under the Council’s common seal as a Deed and signed in accordance with the agreed scheme of delegations

 

  1. Agreed to delegate to the Leader of the Council, after consultation with the Director of Neighbourhoods, authority to agree and sign any extension, variation or general contract management powers.

 

4.    Noted a correction to the legal implications and risks section of the report. Paragraph (E) should read as Conditions 9, 10, 11, 18.8 or 19.

Supporting documents: