Issue - meetings
Retained Right to Buy Receipts
Meeting: 14/10/2019 - Cabinet (Item 12)
12 Continued Use of Retained Right to Buy Receipts 
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In 2015, Cabinet decided how Right to Buy (RTB) receipts were to be distributed in order to deliver affordable housing for Brent residents. This report recommends the Council continues to retain RTB receipts in line with the Brent Retention Agreement (2012) in accordance with the strategy identified and to the update ofdelegated authorities permitted under the strategy.
Decision:
RESOLVED
i) Cabinet agreed the continuing retention of Right to Buy receipts (subject to government legislation), as part of the Brent Retention Agreement (2012) with the Secretary of State for Ministry of Housing Communities and Local Government until 31 March 2024.
ii) Cabinet agreed to continue to acquire existing properties until 31 March 2024 subject to financial viability including the flexibility to part-fund the cost of advance purchases within the South Kilburn regeneration area through retained Right to Buy receipts.
iii) Cabinet agreed to continue to grant retained Right to Buy receipts to external partners for the provision of affordable homes for rent in line with the agreed procedure and delegate authority to the Strategic Director for Community Wellbeing in consultation with the Director of Finance and Operational Director for Housing to approve the criteria for grant funding, to approve criteria for evaluation of bids and to approve the allocation of such grants on acceptable terms.
iv) Cabinet agreed to continue to contribute retained RTB receipts to support residential development of council-owned sites and for a commensurate proportion of the homes to be provided as affordable rented accommodation, subject to financial viability and to delegate authority to the Strategic Director for Community Wellbeing in consultation with the Director of Legal, HR, Audit and Investigations, the Director of Finance and the Operational Director, Housing to approve the contribution of such receipts.
Minutes:
RESOLVED
i) Cabinet agreed the continuing retention of Right to Buy receipts (subject to government legislation), as part of the Brent Retention Agreement (2012) with the Secretary of State for Ministry of Housing Communities and Local Government until 31 March 2024.
ii) Cabinet agreed to continue to acquire existing properties until 31 March 2024 subject to financial viability including the flexibility to part-fund the cost of advance purchases within the South Kilburn regeneration area through retained Right to Buy receipts.
iii) Cabinet agreed to continue to grant retained Right to Buy receipts to external partners for the provision of affordable homes for rent in line with the agreed procedure and delegate authority to the Strategic Director for Community Wellbeing in consultation with the Director of Finance and Operational Director for Housing to approve the criteria for grant funding, to approve criteria for evaluation of bids and to approve the allocation of such grants on acceptable terms.
iv) Cabinet agreed to continue to contribute retained RTB receipts to support residential development of council-owned sites and for a commensurate proportion of the homes to be provided as affordable rented accommodation, subject to financial viability and to delegate authority to the Strategic Director for Community Wellbeing in consultation with the Director of Legal, HR, Audit and Investigations, the Director of Finance and the Operational Director, Housing to approve the contribution of such receipts.