Housing Corporation News Release

40,000 homes completed as affordable homes target exceeded by Housing Corporation and Investment Partners

3 April 2007   Ref.: 42

Over 40,000 affordable homes have been delivered by the Housing Corporation and its investment partners this year, maintaining their track record of delivery and exceeding targets across the board.

The Corporation has delivered its targets on completions for both rent and low cost home ownership sale homes in 2006-07, and managed this within its budget.

More than 22,800 rented completions have been achieved against a target of 21,000, alongside over 18,000 Low Cost Home Ownership completions against a target of 15,737.  This gives a combined total of more than 40,800 in the financial year 2006-07, above the 36,737 target level for this first year of the Housing Corporation’s two-year National Affordable Housing Programme.

Moreover all regions have met or exceeded their individual social rented targets and their Low Cost Home Ownership target, with London region hitting 97% of its LCHO target despite the London market, delivering 5,370 homes against a target of 5,531. 

The Housing Corporation has also achieved its target nationally to build more rented homes for large families. Corporation funding has delivered more than  5,300 larger social rented homes across the country, against a target of 5,000, and in addition, the Corporation’s London region met its target of 35% of new approvals for social rented homes being 3 bed or larger.

The programme has been managed within budget, with Housing Corporation’s overall expenditure by close on 31 March at £1.92 billion against a resource limit of £1.96 billion, (98.1%), once again demonstrating the financial management skills of the organisation.

Steve Douglas, Deputy Chief Executive, said: "I am delighted with the collective performance of our Investment partners this year. Despite a very competitive market and a significant increase in the output required, our partners have delivered.

“I am particularly pleased that we have exceeded our target for allocations to larger homes for families in London for the 2006-08 NAHP round. We will be working with Regional Housing Boards to discuss setting similar appropriate targets across the country."

"Performance this year places the sector in a good position as we go into the Government’s Comprehensive Spending Review. It also provides a great platform for Communities England to build on."

Ends

Notes to Editors

1)      For further information, please contact Katy Nicholson on 020 7393 2115

2)      The Housing Corporation is the Government agency responsible for investing in new affordable homes and regulating over 1,500 housing associations across England.  Its biggest ever investment programme of £3.9 billion for 2006-08 will fund 84,000 homes;  49,000 of these will be for affordable rent, and 35,000 will be for affordable sale through the Government's new HomeBuy initiative, helping people to get a foot on the property ladder.

3)      The Housing Corporation is working with English Partnerships and Communities and Local Government to establish the proposed new national housing and regeneration agency, Communities England.