Decision details

Westminster Community Homes – Funding requirements for revised development programme

Decision Maker: Cabinet Member for Finance and Smart City

Decision status: Recommendations Approved (subject to call-in)

Is Key decision?: No

Is subject to call in?: No

Purpose:

Decision regarding the approval of AHF funding and council loan financing to support the delivery of 50 additional affordable homes for use by City Council nominees.

Decision:

Recommendations

 

That the Cabinet Member for Finance and Smart City approved:

 

1)              A funding allocation of £3.773m be provided to Westminster Community Homes from the Council’s Affordable Housing Fund.

 

2)              The provision of a Development loan financing of £2.7m to Westminster     Community Homes over a 25 year period.

 

3)              Delegate authority to the Executive Director of Finance and Resources to approve final terms and enter into the loan and funding agreements together with any other associated legal agreements.

 

Reasons for Decision  

1)       The provision of funding by the Council to Westminster Community Homes assisted in the delivery of additional affordable homes in the city. These units contributed towards the ‘City for All’ housing target and provided rehousing opportunities for City Council nominees.

2)       It was a permitted use of the Affordable Housing Fund to finance the delivery of new affordable housing in Westminster.  The Council had the ability to provide loan financing into WCH to also support this provision.

 

Publication date: 21/07/2021

Date of decision: 21/07/2021

Accompanying Documents: