Successful places with homes and jobs A NATIONAL AGENCY Housing LIN Yorkshire and WORKING Humber LOCALLY 15 June 2016 Helen Fielding
HCA’s offer § 200, 000 Starter Homes by 2020 § Single Land Programme to deliver public land to the market § Home Building Fund through HCA-I § Help to Buy Extension to 2021 § 135, 000 Help to Buy Shared Ownership by 2021 § 10, 000 Rent to Buy homes § 8, 000 specialist homes for older people and those with disabilities § Other programmes & support
200, 000 Starter Homes by 2020 § Sold at a 20% discount compared to market value to young first time buyers § Available to first time buyers 23 -39 years old; capped at £ 250, 000 (80% value) § £ 2. 3 billion fund to support the delivery of up to 60, 000 homes § £ 1. 2 bn for LAs working with the HCA to acquire or prepare brownfield land for at least 30, 000 homes – Unlocking the Land Fund § £ 1. 1 bn in later years to support purchasers/developers (tbc) § Remainder via the reform of the planning system – SH Technical Regulations will set out (consultation closed end May) https: //www. gov. uk/government/publications/starter-homes-unlockingthe-land-fund
Single Land Programme § Overall objective to dispose of surplus public sector land with capacity for at least 160, 000 homes § Investment in HCA’s existing land portfolio to bring land to the market § Investment in surplus sites that transfer from Other Government Departments for disposal § Investment in HCA’s employment land including Enterprise Zones to deliver employment floor space NEYTH generated huge § Funded by the re-cycling of receipts from sales employment floor space, equating to 25 football of HCA’s existing assets pitches!
Home Building Fund § £ 3 bn – managed by HCA-I § To be launched after 23 June 2016 Builders Finance Fund § To deliver public land to the market § £ 1 bn of short term funding to provide loans for term of up to five years § Includes existing £ 525 m Builders Finance Fund which has been successful in the NEYH area § £ 2 bn long term funding to support a strong future pipeline of delivery § To unlock development on brownfield land Custom Build Infrastructure funding
Help to Buy Extension to 2021 § Supporting purchase of 145, 000 new build homes § £ 2. 6 bn extra funding § Very successful in NEYH NEYTH: £ 270 m Help to Buy Investment; that’s 8, 183 homes
135, 000 Help to Buy Shared Ownership by 2021 § £ 4. 7 bn – prospectus launched 13 April 2016; £ 4. 1 bn for SO § Deadline for bids noon 02/09/2016; announcement December 2016 § Registered Providers and unregistered bodies can bid; must be/become Investment Partner to receive grant § § § Household incomes <£ 80, 000 Initial share sold 25 -75%; rent on unsold share not more than 3% pa Service charge; full repairing lease; staircasing by increments of 10% Some flexibility in how to make as affordable as possible to buyers Help to Buy Agents still involved § OPSO and HOLD still available § Uneven funding profile – 90% across 2018/19 to 2020/21 https: //www. gov. uk/government/publications/shared-ownership-and-affordablehomes-programme-2016 -to-2021 -prospectus
Rent to Buy § Part of the SOAHP 2016 -21 § § § 10, 000 Rent to Buy homes First Time Buyers; must be working at time of letting Let at Intermediate Rent for 5 years; Right to Buy does not apply Let on assured short-hold tenancies, fixed term <2 years After the first 5 years – Tenant has right of first refusal to buy – The provider can continue to rent the property or sell on the open market § Must be/become Investment Partner to receive grant § Must ultimately be owned and managed by a Registered Provider
Specialist Homes § Part of the SOAHP 2016 -21 § 8, 000 specialist homes for older people and those with disabilities § Older people & 15 ‘specialist’ groups as per the CGF § Can be let at social or affordable rent § Must be/become Investment Partner to receive grant; must be let by Registered Provider § Additional criteria § Usually self contained unless shared living clearly meets need
Other programmes & support § Estate Regeneration to regenerate run down estates § Locally-led Garden Villages, Towns and Cities (1, 500 homes and above) https: //www. gov. uk/government/publications/estate-regenerationprogramme § Healthy Towns (NHS England) sites (250+ units) that include an ambition for health and innovation § HCA ATLAS support, focussed on helping partners to progress specific large scale projects
Conclusion § What could the Housing LIN members role be in Starter Homes alongside specialist provision? § Would you be interested in development/infrastructure finance? § Feedback so far suggests RPs will bid for Rent to Buy & Specialist § And partners are identifying markets where Help to Buy Shared Ownership will add value § Some RPs having success with shared ownership – when marketed via sales teams, not housing management; promoted very much as owning a home § How can we make best use of the programmes in Yorkshire and the Humber?
Questions? Stay in touch! Helen. fielding@hca. gsi. gov. uk 0113 394 9393 07766 157864
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