Greenwich Council

Issue - meetings.

Expenditure of Right to Buy Receipts

Meeting: 10/07/2019 - Cabinet (Item 6)

6 Expenditure of Right to Buy Receipts pdf icon PDF 75 KB

To agree to a property acquisition programme with a total expenditure of £64,280,000, enabling the expending of £19,280,000 of RTB receipts.

 

 

 

 

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.