Decision details

To agree the provision of Housing Association Grant to East Thames, funded from 141 replacement capital receipts.

(1)        That the successful outcome of East Thames’ bid for funding to the Homes and Communities Agency (HCA) for its affordable housing development  at Knolly’s Nursery, Waltham Abbey be noted and that, as a result, it be further noted that East Thames had reluctantly advised the Council that it was unable to accept any grant from the Council, funded by “one-for-one replacement” Right to Buy capital receipts (“141 Receipts”), for this development;

(2)        That the consequential requirement for the Council to pay to the Department of Communities and Local Government (DCLG) unspent 1-4-1 Receipts that have to be spent by 31 March 2017 (currently estimated at £350,000), with interest, be noted;

(3)        That, in view of the continuing moratorium placed by the Cabinet on the Council Housebuilding Programme, the 1-4-1 Receipts previously paid “temporarily” and voluntarily to the DCLG from Quarters 1 and 2 of 2016/17, totalling £1.676million, continue to be retained temporarily by the DCLG until either;

                        (a)        The  Council  has undertaken Stage 1 of its Further Housing                        Revenue  Account  Financial  Options  Review  and,  in  particular,                      determined the future of its Housebuilding Programme; or

                        (b)  The DCLG allocates the Council’s 1-4-1 Receipts elsewhere for                         other purposes, as recently indicated by DCLG officials;

whichever is the earliest; and

(4)        That the Stage 1 Further Housing Revenue Account Financial Options Review be undertaken as soon as possible, in line with the process previously determined by the Cabinet.