Decision details

To agree a new HRA Asset Management Strategy

(i)         that approval be given to the HRA Asset Management Strategy which is appended to the report and authorise its implementation from 1 April 2014;

(ii)        that agreement be given to an indicative five-year capital budget of £86.3m for stock investment, with the final budget being reported annually to the Executive for approval;

(iii)       that approval be given to proceed with an initial programme for the development of between 75 and 100 new affordable homes within the HRA estate for let at Affordable Rents with local consultation and scheme development to be managed by Brent Housing Partnership and with the final schemes to be subject to approval by the Executive;

(iv)       that capital receipts that are realised from the disposal of HRA stock be ring-fenced for the development and acquisition of affordable housing through the HRA subject to annual approval in the capital programme, and that replacement receipts that have arisen from Right-to-Buy sales since April 2012 and that arise in the future, are additionally ring-fenced for the development or acquisition of affordable housing through the HRA;

(v)        that further examination is made of approaches to maximise the provision of new affordable housing with the intention being to develop one thousand affordable homes, including replacement homes, from 2014-2022, with this including examination of the use of corporate land-holdings, prudential borrowing, the contribution of BHP and relevant partnership arrangements to achieve this, and to report further to the Executive in respect of specific projects in relation to this;

(vi)       that approval be given to the rent policy set out in the Asset Management Strategy for the period 2014-19 with actual rent increases being subject to annual approval by the Executive;

(vii)      that under the HRA prudential borrowing regime, additional HRA borrowing of up to £20.6m be approved, to be used by March 2016.

(viii)     that it be noted that the responses to the consultation regarding the draft HRA Asset Management Strategy which are set out in Appendix 2 to this report;

(ix)       that the content of the Equality Impact Assessment which is set out in Appendix 3 to the report be noted.