Decision details

To seek approval to add £6,024k to the HRA Capital Programme to secure 24 affordable housing units across the city, funded from £2,758k of LAHF capital grant and £3,266k of HRA borrowing.

To approve:

i)        the use of £6.024m, to secure 24 affordable housing units across the city to meet the objectives outlined in the Decision report;

ii)        the addition of £6.024m to the 2024/25 HRA capital programme financed from £2.758m of LAHF grant and £3.266m of prudential borrowing.

To enable LCC to secure £2.758m of grant funding towards the acquisition of 24 new council homes; and to enable the total costs related to these acquisitions to be approved expenditure within the Housing Capital Programme.

The Department of Levelling Up Housing and Communities (DLUHC) offered a number of local authorities grant funding via the Local Authority Housing Fund (LAHF) Round 3, towards the cost of providing sustainable housing for those unable to secure their own accommodation and who meet the eligibility criteria outlined in the LAHF prospectus.

LCC was offered and accepted an additional £2.758m of LAHF funds towards the costs of providing 24 new Affordable Housing dwellings to meet the housing needs of the targeted households.  LCC has been required to contribute £3.266m of its own funds towards the costs of acquiring these 24 new homes and ensuring their readiness to let at LCC’s Letting Standard and this has been financed via borrowing within the Housing Revenue Account (HRA).