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Approved the Council submits individual bids to the Greater London Authority (GLA) of £100,000 per property (up to £2,500,000 in total), on an ongoing basis under the Right to Buy Back Grant scheme, for the purchase of up to 25 open market properties to be used as Housing Revenue Account (HRA) general needs housing.
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Approved a budget of £4,589,240 of HRA borrowing to fund the balance of resources required to purchase up to 25 open market properties within the acquisition assumptions detailed in appendix two of this report.
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Noted the acquisition assumptions outlined in appendix two of this report, which will be used as bedroom size funding envelopes in which a purchase must be limited to ensure an acquisition does not create a budget pressure for the HRA.
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Agreed properties purchased under the Right to Buy Back Grant scheme will have rents set at London Affordable Rent levels, in line with the Rent Standard, which is required to enable sufficient borrowing to be leveraged in to make the scheme viable.
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Delegated authority to the Director of Regeneration Enterprise and Skills to approve the purchase of each acquisition under the Right to Buy Back Grant scheme.
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Noted the outline process table for this initiative as detailed in appendix one of this report
This decision is subject to call in till 5pm 29 June 2022