Get Britain Building – key points for partners
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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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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

2nd March 2012


Part of the housing strategy

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


Stalled sites

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


Get britain building

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


Hca role and impact

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


Criteria for sites

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


Criteria for bidders

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)


Available funding

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


Timetable

Timetable


Current position

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.


More information

More information

  • www.homesandcommunities.co.uk/get-britain-building

  • http://www.homesandcommunities.co.uk/sites/default/files/our-work/gbb_faq_110112.pdf


Get britain building key points for partners versha koria area manager south south west hca

homesandcommunities.co.uk


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