thriving communities, affordable homes. helen towner – relationship manager home and communities...
TRANSCRIPT
Thriving communities, affordable homes
Thriving communities, affordable homes
Helen Towner – Relationship Manager
Home and Communities Agency
Thriving communities, affordable homes
Changes and the CFG
What are the main types of low cost home ownership after the CSR?
How is low cost home ownership delivered? The new role of the HomeBuy Agent and RPs
Branding – first steps and HomeBuy scheme terminology Support available to providers and stakeholders Single agent Discussion
Thriving communities, affordable homes
Framework
Framework published Monday - read it!
£4.5bn (£2.3bn existing commitments)
Explains how to bid Comprehensive information on
providers next steps
Thriving communities, affordable homes
Affordable home ownership
Can be included in offers where this is a local priority and offers value for money.– Numbers and locations will depend on offers
All under banner brand HomeBuy (First Steps in London) Shared ownership
– Expected to be main aho product
– Unchanged from NBHB
Equity loans– 20% max loan
– Other terms for customers and
lenders unchanged
– No HCA charge
Thriving communities, affordable homes
Going forward
Increased number of lenders on board with shared ownership
Delivering more for less…
2012/12 the committed programme…
Thriving communities, affordable homes
Current Programme
We still have HomeBuy Direct! Via the Kick Start Programme!
Committed shared ownership Programme Lots of Changes Local HomeBuy Agents – contract changes and
roles What's New? And are you keeping up with the
changes?
Thriving communities, affordable homes
How is LCHO currently delivered?
2 stage process
• LHBA accesses all Applications
•Fills out a general LHBA calculator
•Informs the applicant of choice and eligibility
• Issues indicative mortgage amount
•Sends on leads to RP’s sales teams
•Collects data for stakeholders/HCA
• Individual Registered providers receive confirmation of eligibility
• Applies 2nd affordability check/involves IFA
•Maximises share
•Takes reservation
•Manages sales process
•Feeds make data to LHBA on completion
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Local HomeBuy Agents
• 5 new contract changes!
•Key performance standards have been reduced to improve the service to customers, stakeholder and the HCA
• A more detailed Marketing plan, targeting priority groups
• A Nil Grant service level agreement with a consistent pricing structure to enhance the offer to customers
• Superior re-sale service to RP’s and customers
•Enhanced role in accessing affordability
Thriving communities, affordable homes
Accessing Affordability
3 New Calculators - LHBA – general - Shared ownership- Equity loan
All on the Capital funding Guide now! Detailed guidance available Your Local HomeBuy Agent can help
Thriving communities, affordable homes
Branding and Terminology
New Terms Move away from scheme names associated with
the HomeBuy Brand Shared Ownership Equity Loan Rent to Own
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Glossary of terms
Circulated to LHBAs Will be circulated to Local HomeBuy
Agents they will send to registered providers
Also circulated through Home Ownership Groups
Looks at brand Guidelines in and out of London
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HCA operating areas
An umbrella brand for LCHO in England, excluding London
All LHBAs retain their individual identities Any marketing for grant funded LCHO should
include this logo Not just the LHBA responsibility Should be on all websites Brand guidelines available
Thriving communities, affordable homes
London
Umbrella brand for the Greater London area Same generic scheme names, e.g. shared ownership Same rules Apply – all RP’s should use this logo on marketing Why?
– Key policy commitment– London Housing Strategy – ‘Raising aspirations, promoting opportunity’– Support for intermediate market– Increase access– Marketing & awareness raising
Thriving communities, affordable homes
Changes to Priority
No Key worker status moving forward More details will be availed via the CFG in the near
future on how to deal with existing KW leases No longer a public sector recruitment and retention
issue
Priorities are now – Existing social tenants – MOD Personnel – Local Priorities
Thriving communities, affordable homes
Moving Forward – Support
The Capital Funding Guide – your first port of call www.homesandcommunities.co.uk/affordable-ho
mes
Lots of updates taking place prior to the new financial year
You can sign up to receive changes via email
Thriving communities, affordable homes
Shared Ownership New Build HomeBuy has gone as a term Part buy part rent Rent caped at 2.75% first tranche sales Shared ownership lease Usually delivered by registered providers –
ownership is shared Applicants purchase between 25%-75% Applicants income determines share
Thriving communities, affordable homes
Equity Loan
Purchaser owns 100% of the title 2nd charge is held by the house builder and HCA 2 schemes HomeBuy Direct 70-30 split – applicant maximise share to 85%
Thriving communities, affordable homes
Budget announcement 240million for equity loan scheme FirstBuy 80/20 split 2nd charge split 50/50 by the house builder and
HCA Registered provider’s can apply Prospectus coming out within the next week or
two First round will hopefully be out by July 5000 units 2011/12 5000 units 2012/13 Delivered through Homebuy agents
Thriving communities, affordable homes
2012 – Onwards
What does delivery look like? Single Agent discussion paper launched yesterday Available on the HCA’s website www.homesandcommunities.co.uk/homebuy [email protected]
Thriving communities, affordable homes
Discussion paper on single agent
Discussion will go on until the 6th May
Procurement exercise Spring/Summer
Look to appoint in Autumn to give time for full handover and business planning
Thriving communities, affordable homes
Purpose of discussion paper
Gather views and feedback from HomeBuy Agents, local authorities, providers and other partners.
Soft-market testing of potential bidders (open OJEU compliant process)
Grateful for suggestions of possible forums (HOGs etc.) email to Helen
Does not cover London
Thriving communities, affordable homes
Questions?