Greenwich Council

Decision details.

Expenditure of Right to Buy Receipts

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Decision:

Approved a Right to Buy (RTB) investment programme, up to a gross value of £64.28m, that will support the delivery of new affordable housing in the borough, make a positive impact on the Council’s homelessness pressure and minimise the risk of unspent RTB monies being repaid to the Ministry of Housing, Communities and Local Government (MHCLG). Specifically, Cabinet is requested to:

 

Agreed to a property acquisition programme to provide temporary accommodation, up to a maximum gross value of £64.28m, funded from RTB receipts (£19.28m) and General Fund borrowing (£45.0m).

 

Agreed to delegate to the Director of Regeneration, Enterprise and Skills authority to acquire properties under this programme.

 

Agreed to a budget of £2,550,000 to undertake any associated repair and renewal costs following a property acquisition to bring the property up to a lettable standard in accordance with the Scheme of Delegation and led by the Director of Housing and Safer Communities.


 

 

 

 

 

Report author: Nick Simons

Publication date: 11/07/2019

Date of decision: 10/07/2019

Decided at meeting: 10/07/2019 - Cabinet

Effective from: 18/07/2019

Accompanying Documents: