Barking & Dagenham housing development & affordable

housing delivery vehicles

Ken Jones

Head of Housing Strategy & Property Services

new housing supply in B&D

decants total social rented (new)

total intermediate (new)

total market homes

(new)

2008 130 89 80 205

2009 200 568 305 784

2010 515 1, 065 752 1,465

2011 359 831 680 1,455

2012 300 593 330 1,205

2013 300 593 330 935

2014 300 507 295 945

2015 100 242 180 850

2016 - 272 165 805

2017 - 167 110 615

Totals. 2,204 4,927 3,227 9,264

major housing development sites

meeting different household needs & aspirations

bedrooms target

1

2

3

4+

30%

20%

35%

15%

• larger family homes will help meet foster carers need • affordable homes 50% of the total new housing • shared ownership must be affordable for local people –

importance in promoting independence and raising aspirations.

affordable housing delivery: Local Housing Trusts

• Housing Green Paper – B&D pilot

• potentially owning 8,000 new affordable homes

• developed under 2 LHTs

delivery of new affordable homes: Local Housing Trusts

What is it and what does it do

Trust, comprising the Council, investment partner & English Partnerships

Why

How

delivers, owns and manages new affordable homes

locally accountable – not an RSL, based in the community and maximises new affordable homes.

uses Council’s land holdings, attracts investment funding. secures Housing Corporation grant and recycles receipts into new homes

model

LBBD transfer land as equity

possible 3rd party debt

Local Housing Company

50/50 vote

Housing Corporation grant / investment

LBBD equity equalsshareholding no more than 49%

Investor provides equity

at 51%

social rented

shared ownership

recycle receipts

intermediate rent

managed through

accredited housing manager FM maintenance

Barking Riverside Local Housing Trust

• private / public partnership

• 4,000 new affordable homes Barking Riverside

• 250 -300 within the redevelopment of eastern end of Thames View Estate

Barking & Dagenham Local Housing Trust

• Council led public / private partnership

• Barking Town Centre estates renewal

• potentially other Council land

• potentially refurbishment to tower blocks

why Local Housing Trusts work for Barking & Dagenham

• potential for land value uplift

• Council ownership of land holdings

• collaboration with English Partnerships