Housing Development Strategy - Report - Page 14
Resources
Core housing investment
The core funding to support this Development Strategy will come from the HRA. The
funding available is detailed in the HRA Business Plan 2018-48 identifying redevelopment
funding of £55.9m over 30 years and new development funding of £227.3m over the
same period. Our new homes programme within the HRA is budgeted to deliver
257 new affordable homes by 2022/23. In 2017/18 we built 65 new homes. This will be
reviewed each time the Business Plan is updated. If we wish to borrow additional funds
over the life of the Business Plan there is scope for greater numbers of new build and
redevelopments to our stock throughout the district.
Our Actions
Other Housing Investment
Staffing
We have other resources available for affordable
housing provision such as planning obligations
and capital receipts arising from RTB sales.
Current Government policy allows councils to
retain 100% of the RTB receipts provided they
are reinvested in new homes within a 3-year
period. Our approach is to fully utilise this
opportunity to bring additional resource to
fund new homes. Other resources for affordable
housing may be used to support council house
building or affordable housing provided through
a Registered Provider such as accessing grant
from Homes England or receiving S106 funding.
This is estimated to make up 25% of our funding
(£52m) over 30 years.
As identified earlier in this
strategy, investment in staffing
is recognised as key in relation
to our capacity to deliver on
our challenging development
targets as well as expanding
upon the capabilities within our
workforce.
We recognise that we need to
make a long-term commitment
to development and enabling to
ensure our objective of building
more homes is achieved.
14
15 - Review of 3-year
development pipeline to
be considered in relation to
budgeted finances within
HRA Business Plan and to
inform the next business
plan review.
