Monday, January 9, 2017

News: £6.8m for affordable housing in Rotherham

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The housing and construction sector is set for another boost as Rotherham Council secures £6.8m under the Government's expanding affordable housing programme.

The Shared Ownership and Affordable Homes Programme invited bidders from across the country to secure capital funding for shared ownership, Rent to Buy homes, affordable rent, or specialist homes for older, disabled and vulnerable people.

Amongst successful housing associations, local authorities with sufficient Housing Revenue Account borrowing headroom also bid for funding, with Rotherham Council awarded £6.8m to support the delivery of 227 homes.

Across the country, a total of £4.7 billion in capital grants will be disbursed for the development of shared ownership and other affordable homes.

A shared ownership home allows the purchaser to buy a share in the equity while paying rent on the non-purchased share. For many people, this is a chance they didn't have before to get on to the housing ladder – and to go on to purchase further slices of equity.

Rent to Buy homes are let to working households at an intermediate rent to give them the opportunity to save for a deposit to buy their first home.

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Allocated by the Homes and Communities Agency (HCA), £1.28 billion was apportioned recently following the opening bidding round for the scheme in April. The Government believes that the allocations will enable providers to get on with building the affordable housing that is needed in England and will be a boost to overall supply.

Housing Minister Gavin Barwell said: "Up and down the country we are investing more in affordable housing to help make the dream of home ownership a reality for thousands more tenants.

"This includes opening up the housing market to younger people and providing decent, affordable homes for rent for those who cannot afford to buy."

Sir Ed Lister, chairman of the HCA, added:"The HCA is leading the Government's drive to increase the scale and pace of delivery of housebuilding. The expanded affordable housing programme will help us continue to work with both housing associations and developers new to this area of the housing market to increase the availability of affordable homes."

The funding comes after Rotherham Council was named in the first wave of 30 local authority partnerships under the Government's £1.2 billion Starter Homes Land Fund.

Selected on the basis of their potential for early delivery, the Council has plans for building 300 affordable homes on brownfield sites in Rotherham town centre.

Also in the latest announcement, Great Places Housing Group and its partners secured £36.2m to build 1,381 affordable homes across the North West and South Yorkshire.

Images: RMBC


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