Issue - meetings

Report of the Corporate Director of Finance and Resources (S151 Officer). To be presented by the Cabinet Member for Housing & Planning (Deputy Leader)

DECLARATIONS OF INTEREST RELATING TO THIS ITEM:

None

RESOLVED:

That Cabinet:

1.    Approved the acquisition, for housing purposes, of 565 homes at 867–879 High Road and 36 & 44–52 White Hart Lane N17 for the purchase price set out in paragraph?3.1 of the Part?B (Exempt) report and based on the draft Heads of Terms in Appendix?2 of the Part?B (Exempt) report.

2.    Approved the total scheme cost for the acquisition as set out in paragraph?3.2 of the Part?B (Exempt) report.

3.    Approved the decision set out in paragraph?3.3 of the Part?B (Exempt) report.

4.    Noted that grant funding from the Greater London Authority (GLA) would be used to part?fund the acquisition, with the grant amount contained in paragraph?3.4 of the Part?B (Exempt) report.

5.    Granted delegated authority to the Corporate Director of Finance and Resources, following consultation with the Director of Legal and Governance (Monitoring Officer), to finalise all legal documentation and complete the transaction.

Reasons for decision:

The acquisition would deliver 565 additional Council homes, supporting the Council’s commitment to deliver 3,000 Council homes by 2031. The Council’s New Housing Strategy for Haringey 2024–29 states at paragraph?1.1 under Strategic Objective?1:

“Haringey’s ten?year housing target is 15,920 new homes as set out in the London Plan. We will deliver at least 3,000 of those homes ourselves as Council homes.”

Around 13,000 households were on the Council’s housing register, and these homes would provide secure, well?constructed affordable housing to Haringey households in housing need.

The acquisition aligned with the Council’s established acquisitions programme, increased the supply of modern sustainable homes, reduced reliance on temporary accommodation, delivered General Fund cost savings, and supported the provision of GLA?funded Key Worker housing.

The homes were expected to be of good standard and to meet the Council’s specification requirements for new council housing.

The homes were well located with access to local amenities and transport infrastructure.

Alternative options considered:

Not acquiring the homes – This option was rejected because it would have been a missed opportunity for the Council to:

• support its commitment to deliver 3,000 Council homes by 2031;
• avoid a significant shortfall in meeting the borough’s growing housing needs;
• deliver a key element of its Medium?Term Financial Strategy (MTFS).

The Cabinet Member for Housing and Planning, and Deputy Leader of the Council introduced the report.

The Cabinet Member explained that the Council’s mission was to support the development of a fairer and greener borough. London faced a significant housing crisis, with increasing numbers of residents unable to afford private rents or access home ownership. To help address this, Haringey, with funding from the Mayor of London and central government, was on track to deliver 3,000 new council homes for council rent by 2031. More than 1,100 homes had already been completed. Where homes were acquired, they were let at council rents and were required to meet the council’s design standards for new homes.

It was explained that the acquisition was expected to deliver 565 new homes, comprising 351 homes let at council rent and 214 homes let at affordable key worker living rent. This provision supported key workers, including those employed in education, health, emergency services and other public services. Rents for these homes were capped at 40% of average local key worker household incomes, below typical private sector rent levels.

It was explained that new and acquired homes were developed to meet long?term durability, sustainability and energy efficiency standards, supporting lower utility costs for residents. All new homes were delivered in accordance with the design standards set out in the Mayor’s London Plan.

The Cabinet Member noted that, of the homes to be acquired, 395 (70%) were family homes with two or more bedrooms and private balconies. The council continued to expand the supply of good?quality housing within the borough to support residents in accessing safe and affordable homes at council or affordable rents.

Following questions from Councillors Cawley-Harrison, the following information was shared:

• It was explained by officers that the proposed acquisition was comfortably within the parameters of the Housing Revenue Account business plan to allow it to function.
  
  
• It was noted that the Council expected to see solid return on investment early on in the plan’s proposals.

RESOLVED:

That Cabinet:

1.    Approved the acquisition, for housing purposes, of 565 homes at 867–879 High Road and 36 & 44–52 White Hart Lane N17 for the purchase price set out in paragraph?3.1 of the Part?B (Exempt) report and based on the draft Heads of Terms in Appendix?2 of the Part?B (Exempt) report.

2.    Approved the total scheme cost for the acquisition as set out in paragraph?3.2 of the Part?B (Exempt) report.

3.    Approved the decision set out in paragraph?3.3 of the Part?B (Exempt) report.

4.    Noted that grant funding from the Greater London Authority (GLA) would be used to part?fund the acquisition, with the grant amount contained in paragraph?3.4 of the Part?B (Exempt) report.

5.    Granted delegated authority to the Corporate Director of Finance and Resources, following consultation with the Director of Legal and Governance (Monitoring Officer), to finalise all legal documentation and complete the transaction.

Reasons for decision:

The acquisition would deliver 565 additional Council  ...  view the full minutes text for item 435