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Get Britain Building – key points for partners Versha Koria, Area Manager South & South West HCA

Get Britain Building – key points for partners Versha Koria, Area Manager South & South West HCA 2 nd March 2012. Part of the Housing Strategy. Housing is crucial for social mobility, health and well-being It plays a key role in the Government’s plans for economic recovery and growth

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Get Britain Building – key points for partners Versha Koria, Area Manager South & South West HCA

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  1. Get Britain Building – key points for partners Versha Koria, Area Manager South & South West HCA 2nd March 2012

  2. Part of the Housing Strategy • Housing is crucial for social mobility, health and well-being • It plays a key role in the Government’s plans for economic recovery and growth • The Housing Strategy puts in place a wide range of measures to increase affordability, promote market stability and improve quality • It sets out the steps the Government has already taken and introduces new proposals to tackle the challenges we face

  3. Stalled sites • Lack of development finance is constraining supply • There are 133,000 stalled units • Work has been done to identify the nature and profile of stalled sites • These differ in character to those that stalled following the 2008/09 recession

  4. Get Britain Building • £420m investment fund announced as part of the Housing Strategy in November 2011 • Aims to support building firms in need of development finance • Can unlock deliverable but stalled sites (of 25 units or more) with planning permission • Aiming to unlock up to 16,000 homes by December 2014

  5. HCA role and impact • Most significant announcement in the strategy for us • We have learned from Kickstart • These lessons will be taken into account, particularly improvements in value for money and recoverability • This programme continues our shift from grant to investment • Projects can include affordable housing, but must not exceed 50% of the total units bid for • All funding is recoverable

  6. Criteria for sites • An eligible site must: • Be in England • Have outline planning permission • Be currently stalled • Be capable of starting or restarting by December 2012 • Be capable of completing by December 2014 • Contain a minimum of 25 homes

  7. Criteria for bidders • Bidders must be: • A private sector organisation (including housebuilders, developers and private Registered Providers) • In control of the land (freehold or long lease)

  8. Available Funding • Finance is available as: • Loans at commercial rates • Equity A – Equity investments where the Government invests alongside the developer and shares proportionately in risks and returns • Equity B – In limited circumstances where viability is marginal, we may consider recovery in part (as in Equity A) and in part triggered when agreed thresholds (e.g. levels of receipts) are reached • The HCA will look to recover investment by March 2018

  9. Timetable

  10. Current Position • Projects of high importance to particular communities which can create wider local benefits were commissioned. • 18 Projects were given clearance to proceed to due diligence through the commissioned route. Subject to contracting, these would deliver up to 1,300 new homes including on public sector owned sites. • 170 expressions of interest received, many of these contain multiple schemes. • HCA are in the middle of assessing each bid for vfm, deliverability and fit with local priorities. • Shortlist to be produced by mid-March.

  11. More information • www.homesandcommunities.co.uk/get-britain-building • http://www.homesandcommunities.co.uk/sites/default/files/our-work/gbb_faq_110112.pdf

  12. homesandcommunities.co.uk

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