Decision details

Cabinet approved the following recommendation(s):

Recommendation(s)

That Cabinet approves the incorporation of new company within Westminster Builds structure which will apply to become a Registered Provider and, subject to approval of the Regulator of Social Housing, hold Westminster Builds’ affordable housing.

Reasons for Decision

The Council has secured grant from the Greater London Assembly’s (GLA) Affordable Homes programme across several development projects. This grant supports the funding required for the construction of social and intermediate rent homes.

The grant is conditional on funded homes being held by a Registered Provider which the Council qualifies as but Westminster Builds does not. As the Council’s current approach is for social homes to be retained within the HRA and intermediate homes to be transferred to Westminster Builds, the Council cannot currently comply with the GLA’s funding requirements and fully access the GLA grant.

While this has not prevented drawing down grant on homes under construction by the Council, a solution will need to be in place prior to the disposal and purchase of completed intermediate homes to Westminster Builds.

You can view the report to Shareholder Committee here