Issue - meetings

[Report of the Strategic Director for Planning, Regeneration and Development. To be introduced by the Cabinet Member for Housing, Planning and Regeneration.] In line with the provisions of the S106 agreement for the planning permission for 500 White Hart Lane, this report proposes the Council acquires affordable residential properties as part of the development; budget allocation from HRA Stock Acquisitions Reserve and Right to Buy Receipts.

The Cabinet Member for Housing, Regeneration and Planning introduced the report which sought authority to acquire the 29 affordable homes at 500 White Hart Lane and also sought delegation to the Director of Regeneration and the s151Officer, after consultation with the Cabinet Member to agree the purchase price and the final terms of the acquisition of these affordable homes.

RESOLVED

1. To agree to the future acquisition of 29 affordable homes for housing purposes to be constructed on the Site for a maximum total sum of £5m plus acquisition process costs and that the monies for the purchases shall be from:

a.    Housing Revenue Account (“HRA”), including but not limited to the ‘HRA Stock Acquisitions Reserve’ which currently has a budget of £6.4m

b.    Right to Buy (“RTB”) capital receipt retained budget

2. To give delegated authority to the Director of Regeneration and the S151 Officer, after consultation with the Cabinet Member for Housing, Regeneration and Planning, to agree the purchase price for each of the properties and the final heads of terms of the acquisition which will be based on the terms of the s106 Agreement found at Appendix 1.

Reasons for decision

Supporting the Council’s housing objectives

The acquisition will increase the Council’s housing stock. Increasing the Council’s housing stock will help address the significant housing demand and housing waiting list in the Borough. Even if some of the properties are used to rehouse Love Lane residents, it will mean that the replacement affordable homes in the High Road West Scheme can be freed up to rehouse residents on the housing waiting list. It will also mean that the Council has a wider variety of unit sizes and typologies, which will provide residents with greater housing choice.

As the Council will be setting the specification of the homes, the Council will have control over the physical quality and performance of the homes. It will also have control over the quality of housing management. All of which support the Housing Strategy objective to drive up the quality of Council homes.          

Supporting the High Road West Scheme and responding to residents’ aspirations

By acquiring these homes and ensuring that Love Lane residents have the opportunity to move to them^[1], the Council is increasing Love Lane residents’ rehousing choice and responding to their request for new homes which are owned and managed by the Council.

Financial Case

The costs of acquiring all of the 29 affordable homes will be c.£4.5m. These acquisitions will qualify for the use of retained RTB capital receipts to fund 30% of the cost of the scheme provided they are affordable rented housing. If the Council does not spend the RTB receipts within 3 years of the receipt, the money will be returned to DCLG together with interest. Therefore, acquiring the 29 affordable units at 500 White Hart Lane ensures that the Council can spend RTB receipts on new affordable homes for Haringey.

Alternative options considered

The s106 Agreement for 500 White Hart Lane sets  ...  view the full minutes text for item 59