Agenda item

This report provides Cabinet with a final draft of the First Wave Housing Ltd (FWH) 2025/26 Business Plan and revised Service Level Agreement with the Council.

Cabinet is asked to approve the Business Plan and Service Level Agreement on behalf of the Council as Guarantor of First Wave Housing

Having noted the introductory comments made by Andrew Hudson (as Chair of the i4B and First Wave Housing (FWH) Ltd Boards) under the previous item, Cabinet RESOLVED:

(1)      To approve the 2025-26 First Wave Housing Ltd Business Plan and financial model as Guarantor of the Company.

(2)      To approvethe 2025-26 Service Level Agreement between First Wave Housing Ltd and the Council.

Eligible for call-in: Yes

Deadline for submission of call-in: 6pm on Monday 17 March 25

Councillor Donnelly Jackson (once again as Cabinet Member for Housing & Resident Services) then moved on to introduce the report, providing Cabinet with the final draft of the First Wave Housing Ltd (FWH) 2025-26 Business Plan along with details of the revised Service Level Agreement with the Council for consideration and approval on behalf of the Guarantor.

In presenting the report, Cabinet once again noted and welcomed the work being undertaken through the company to support the Council’s strategic objectives in relation to the supply of safe, secure and sustainable affordable housing and in seeking to tackle the housing crisis through the investment in new housing which formed a key element of the Business Plan.  Highlighting FWH Ltd as one of the mechanisms supporting the delivery of genuinely affordable, well built and secure homes across the borough, members were advised that the company Business Plan had been developed to reinforce the Council’s commitment towards expanding the supply of affordable homes, exploring the opportunities to utilise new funding models for the building and acquisition of new homes and in seeking to maximise the opportunity to bring more homes into use (including potential lease arrangements).  As part of this approach, the Plan was felt to clearly align with the Council’s wider aim to deliver 1,000 new council homes as part of Brent’s ambitious social housing programme as well explore all options to generate investment in new homes to address the urgent levels of demand identified.

As part of the operational performance and priorities identified within the Business Plan, members welcome the focus on voids and in seeking to reduce turnaround times enabling homes to be occupied more quickly.  In recognising the need to ensure all options were explored and utilised to support the delivery of more affordable and secure housing across Brent, the Business Plan was commended as a means of ensuring FWH remained financially viable as a vehicle to attract new investment and secure funding for future developments as part of the Council’s ongoing commitment to provide the necessary access to decent and affordable housing

Having noted the introductory comments made by Andrew Hudson (as Chair of the i4B and First Wave Housing (FWH) Ltd Boards) under the previous item including the focus of FWH Ltd (working with the Council) in seeking to maximise opportunities identified through its status as a Registered Provider in contributing towards the supply of affordable housing across the borough, Cabinet RESOLVED having also noted the current performance and strategic priorities outlined in relation to FWH, along with the exempt information contained within the appendices of the report:

(1)    To approve the 2025-26 First Wave Housing Ltd Business Plan and financial model as Guarantor of the Company.

(2)    To approvethe 2025-26 Service Level Agreement between First Wave Housing Ltd and the Council.