Issue - meetings
ALMO Settled Homes Initiative - Tranche 2 loan facility
Meeting: 15/02/2011 - Executive (Item 24)
24 ALMO Settled Homes Initiative - Tranche 2 loan facility
This report requests the Executive’s approval to provide BHP with a tranche 2 loan facility in order to finance the acquisition of affordable homes under the Settled Homes Initiative, subject to final terms and conditions that are agreed by the Director of Finance and Corporate Services.
Decision:
(i) that approval be given to the provision of a tranche 2 loan facility for to Brent Housing Partnership Limited (BHP) in order to facilitate the acquisition of affordable homes under tranche 2 of the Settled Homes Initiative (SHI) scheme, as specified in paragraph 3.7 of the report from the Director of Regeneration and Major Projects;
(ii) that authority be delegated to the Director of Finance and Corporate Services, in consultation with the Director of Legal and Procurement, to agree the final terms and conditions of the loan facility, subject to the detail set out in paragraph 3.9 of this report;
(iii) that it be noted that Council will rely on the General Consent provided by the Secretary of State for Communities and Local Government in December 2010 pursuant to section 25 of the Local Government Act 1988 as set out in paragraph 5.4 of this report as authority to enable the Council to provide a loan facility of a sum set out in paragraph 3.7 of this report to BHP to deliver tranche 2 of the Settled Homes Initiative scheme.
Minutes:
In order to meet the HCA’s acquisition targets, BHP would need to secure a further loan facility from the Council, which is to be supported by BHP using a combination of their rental income stream and reserves. The report from the Director of Regeneration and Major Projects requested approval to provide BHP with a tranche two loan facility in order to finance the acquisition of affordable homes under the Settled Homes Initiative, as set out in paragraph 3.7 of the report and subject to final terms and conditions agreed by the Director of Finance and Corporate Services.
RESOLVED:-
(i) that approval be given to the provision of a tranche 2 loan facility for to Brent Housing Partnership Limited (BHP) in order to facilitate the acquisition of affordable homes under tranche 2 of the Settled Homes Initiative (SHI) scheme, as specified in paragraph 3.7 of the report from the Director of Regeneration and Major Projects;
(ii) that authority be delegated to the Director of Finance and Corporate Services, in consultation with the Director of Legal and Procurement, to agree the final terms and conditions of the loan facility, subject to the detail set out in paragraph 3.9 of this report;
(iii) that it be noted that Council will rely on the General Consent provided by the Secretary of State for Communities and Local Government in December 2010 pursuant to section 25 of the Local Government Act 1988 as set out in paragraph 5.4 of this report as authority to enable the Council to provide a loan facility of a sum set out in paragraph 3.7 of this report to BHP to deliver tranche 2 of the Settled Homes Initiative scheme.