DECLARATIONS OF
INTEREST FOR THIS ITEM:
None
RESOLVED:
That
Cabinet:
- Approved the
acquisition of the long leasehold interest in 12 flats at the
property for housing purposes, for the purchase price as set out in
the Part B (Exempt) report and based on the draft Heads of Terms
contained in the Part B (Exempt) report.
- Approved the total
scheme cost for the acquisition as contained in the Part B (Exempt)
report.
- Approved the payment
to Estate Office Investments Ltd (Estate Office) as contained in
the Part B (Exempt) report.
- Noted that it was
proposed that grant funding from the Greater London Authority (GLA)
would be used to part fund the acquisition with the option to use
additional funding from the General Fund under an approved
allocation for acquisitions through the CHAP programme. The amount
of grant funding was contained in the Part B (Exempt)
report.
- In the event GLA
funding was not available, Cabinet approval was sought for the use
of right to buy (RTB) receipts. The amount of grant funding was
contained in the Exempt Part B (Exempt) report.
- Pursuant to the
previous recommendation, where RTB funding was used, approved the
grant of leases of these homes for a term not exceeding 7 years to
the Haringey Community Benefit Society (HCBS) who, in turn, would
let these homes at Local Housing Allowance (LHA).
- Approved that the
lettings of these homes were made in accordance with the grant
funding conditions, and that the Neighbourhood Moves Scheme would
not apply to these homes.
- Granted delegated
authority to the Corporate Director of Finance and Resources
following consultation with the Head of Legal and Lead Member for
Housing to finalise the Heads of Terms, agree the purchase price,
finalise legal documentation and complete the
transactions.
Reasons for decision
The acquisition of
these properties resulted in 12 additional new council homes
helping the council make good on its pledge to acquire and build
3,000 council homes by 2031.
The homes were
expected to be of a good standard and to accord with the
GLA’s design standards as set out in the London Plan.
Alternative options considered
Not to acquire the
homes. This option was rejected because it would have been a missed
opportunity for the Council to:
• Secure 12 new Council homes.
• Purchase homes at a commercially advantageous price and
payment structure.
• Assist in maintaining momentum and progress in the overall
aspiration to provide affordable housing in the borough.