Decision details

This report seeks approval to allocate funding for the purchase of properties in Hammersmith and Fulham and neighbouring boroughs for the provision of affordable housing.  This will facilitate a much needed increase in the supply of affordable housing that will help to ease the temporary accommodation pressure that the council has, while also making best use of right to buy receipts.

Reasons for urgency:

The Council wishes to maximise the use of Right to Buy one for one receipts to acquire more affordable housing in the Borough and avoid the loss of these funds the use of which is subject to a deadline.

1.    That delegated authority is granted to the Lead Director of Regeneration, Planning & Housing Services with the Director of Finance and Resources of Regeneration, Planning & Housing Services in consultation with the Cabinet Member for Economic Development & Regeneration and the Cabinet Member for Housing to purchase individual properties in Hammersmith & Fulham and neighbouring boroughs for use as affordable housing to the value of £4.9m.

2.    To approve the creation of an £4.9m budget in the Decent Neighbourhood Programme Budget to use for these purchases, with £3.43m being funded by unrestricted capital receipts and £1.47m being funded by right to buy one for one receipts. 

Using the RtB 1-4-1 receipts to finance the purchases will allow the council to add to the availability of affordable rented housing in the borough and help to contain the current pressures on temporary accommodation costs in the General Fund.

If these purchases are not completed within the deadlines set by CLG then the council would have to return receipts to CLG with interest.

As set out in the report.