Housing Corporation News Release

Investment targets exceeded and supervision cases lowest ever
-Housing Corporation report and accounts 2006-07 published today-

1 August 2007  Ref: 70/07

The Corporation has exceeded its investment targets again with its best ever performance, whilst the lowest ever number of associations are in supervision according to the Housing Corporation’s annual report and accounts 2006-07.

Housing Corporation highlights for 2006-07 include:

• 41,657 affordable homes delivered - some 5,000 up on target;

• In London, the proportion of larger family homes invested in has been upped to 40.5% - smashing the target of 35%.  Over 4,000 families have benefited as a result;

• Cutting the costs in the supply of new affordable homes by £168 million nationally.  The Corporation has also helped associations reduce the cost of management and maintenance by £131 million, capital works by £79 million and commodity goods and services by £26 million over the past year;

• The lowest number of supervision cases in the Corporation's history.

In addition, the Corporation has:

• Addressed housing shortages in the countryside with the publication of a revised rural strategy setting out how the Corporation intends to improve the delivery of rural homes - 3,014 homes were approved as part of a two-year target of 6,332 homes in 2006-08;

• Signed a national protocol with the Local Government Association, which will improve joint working with local authorities.  Pilot protocols have also been signed with individual councils in every Government Office region in England.

Chairman of the Housing Corporation, Peter Dixon, said,

“This last year has been a record-breaker for the Housing Corporation.  We've rolled out our biggest investment programme ever, and exceeded all delivery expectations.

"It means we have been able to build more homes for people to buy or rent, where they are needed most.  And means we can be more confident than ever of our ability to deliver on the government's ambitions set out in this week's Housing Green Paper.

"At the same time we've been driving improvements in housing association performance and efficiency whilst delivering on our deregulatory agenda.  The lowest number of supervision cases ever is a tribute to both the sector and the quality of our regulation.  It means we are well prepared to make a success of the transition to the new post-Cave regulatory regime."

Ends.

Notes to Editors
1) For further information, please contact Naomi Evans at the Housing Corporation on 020 7393 2118.

2) Other highlights for 2006-07 include:
• Implementation of three new low-cost home ownership products developed with the Government to enable people to get a step on the property ladder: Open Market HomeBuy, New Build HomeBuy and Social HomeBuy.  A network of HomeBuy Agents to promote and give advice on these products in all regions was also been rolled out;
• 5,000 key worker homes delivered;
• 49% of homes approved to be built using modern approaches to construction, against a target of 25%;
• Launch of the Northern Housing Challenge, aiming to deliver homes for over 10,500 people in the north;
• The publication of a neighbourhoods and communities strategy, setting out how the Corporation, housing associations and their partners, including residents, can work with local government towards achieving mixed, sustainable communities;
• Minimum requirement for organisations looking to receive funding for new homes for 2012 to be working towards making level four of the Code for Sustainable Homes;
• Launch of the Centre for Research and Market Intelligence (CRMI), which works to collect high quality data, commission research and share best practice.

3) Supervision cases summary:
Number of cases as at 1 April 2006   23
New cases added     3
Cases resolved      (9)
Number of cases as at 31 March 2007   17

4) The annual report and accounts also includes a series of case studies, illustrating how the Housing Corporation has transformed lives.

5) 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.

6) The Housing Corporation is working with English Partnerships and Communities and Local Government to establish the proposed new homes agency.