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<p>On 9 October, my Department announced £122 million of additional Housing Revenue
Account borrowing to support over 1,700 new homes across twenty two local authorities.
This included two of the four bids submitted by the London Borough of Tower Hamlets.
Of the two approved bids, the total additional headroom amounts to over £8 million
supporting almost 50 homes. The Department has not approved two of their bids where
they did not meet the Housing Revenue Account Borrowing Programme's clearly stated
aims to drive down costs and to support bids with lower public sector costs. The Department
gave Tower Hamlets the opportunity to revise their bid which was not taken up by the
local authority.</p><p> </p><p> </p>
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