Barking & Dagenham housing development & affordable housing delivery vehicles Ken Jones Head of Housing Strategy & Property Services.

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Presentation transcript:

Barking & Dagenham housing development & affordable housing delivery vehicles Ken Jones Head of Housing Strategy & Property Services

new housing supply in B&D decantstotal social rented (new) total intermediate (new) total market homes (new) , , , , Totals. 2,204 4,927 3,227 9,264

major housing development sites

meeting different household needs & aspirations bedroomstarget % 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 3 rd party debt Local Housing Company 50/50 vote managed through accredited housing manager intermediate rentsocial rented shared ownership recycle receipts FM maintenance Housing Corporation grant / investment LBBD equity equals shareholding no more than 49% Investor provides equity at 51%

Barking Riverside Local Housing Trust private / public partnership 4,000 new affordable homes Barking Riverside 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