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Details

Status:
Decision Subject To Call In
Decision Maker
Cabinet
Title:
GLA Right to Buy-Back Fund
Is a Key Decision:
Yes
Purpose
  • To approve 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. 
  • To approve 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.
  • To note 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.  
  • To agree 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. 
  • To delegate authority to the Director of Regeneration Enterprise and Skills to approve the purchase of each acquisition under the Right to Buy Back Grant scheme.  
  • To note the outline process table for this initiative as detailed in appendix one of this report.
 
Due Date
Wed 22 Jun 2022
Directorate
Regeneration, Enterprise and Skills
Include Item on Forward Plan:
Yes
Decision Type:
Committee
Decision Maker:
Cabinet
Decision Outcome
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.
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.
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.
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.
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.
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

Additional Information

D15 - General Exception
D16 - Special Urgency

Decision Criteria

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Wards

All

Topics

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Overview and Scrutiny

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Reports

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Decision History

Date & Time CreatedUser Full NameStatus DescriptionDetails
 Page 3 of 4, items 21 to 30 of 35.
14/01/2022 10:28:22Daniel WilkinsonMeeting Deleted16/02/2022 6:30PM
08/02/2022 12:55:22Daniel WilkinsonGeneral Details Edited 
08/02/2022 12:55:43Daniel WilkinsonMeeting Deleted16/03/2022 5:00PM
01/04/2022 16:50:25Daniel WilkinsonContacts Edited 
07/04/2022 15:37:49Daniel WilkinsonGeneral Details Edited 
11/04/2022 15:25:02Daniel WilkinsonGeneral Details Edited 
11/04/2022 16:04:47Daniel WilkinsonGeneral Details Edited 
16/05/2022 14:43:06Daniel WilkinsonGeneral Details Edited 
14/06/2022 15:15:40Maya YasanugaMeeting Added22/06/2022 6:30PM
14/06/2022 18:32:44Maya YasanugaGeneral Details Edited 

Approval/Comments

No history found.