Decision:
Cabinet:
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:
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: