get britain building – key points for partners versha koria, area manager south & south west...
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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 - PowerPoint PPT PresentationTRANSCRIPT
Get Britain Building – key points for partners
Versha Koria, Area Manager South & South West HCA
2nd March 2012
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
Part of the Housing Strategy
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
£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
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
HCA role and impact
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
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 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
12 noon, 30 JanuaryDeadline for Expressions of Interest
From MayDetailed project approvals (subject to contract)
Mid MarchAnnouncement of shortlisted projects
MayDue diligence process
From JuneRestart on site
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
www.homesandcommunities.co.uk/get-britain-building
http://www.homesandcommunities.co.uk/sites/default/files/our-work/gbb_faq_110112.pdf
homesandcommunities.co.uk