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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 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

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
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
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