Housing Corporation News Release

8 April 2008   ref: 28/08

Best year ever for Housing Corporation, latest results reveal  

Housing Corporation Chairman Peter Dixon has hailed the Housing Corporation's latest results as their  "best year ever", with output targets exceeded for the 2006-08 investment programme, the delivery of the largest affordable housing programme since the mid-1990s, and an unprecedented spending review settlement.

Peter Dixon has confirmed that, for the 12 months 2007-2008 period up to 31st March 2008,  the Corporation's achievements include:

• Successful delivery of the 2006-08 investment programme, exceeding the national output targets for rent and low cost home ownership by over 3,000 
• Achieving the programme's value commitments of a third more homes for only 15% more funds, while raising quality standards 
• Sector turnover up 9.4% to £9.1 billion with the value of  housing association properties up 10% to £77.4 billion, demonstrating strong balance sheets across a sector well equipped to face potential challenges ahead 
• Record levels of private finance - over £31 billion of borrowing already secured, with plans to draw down a further £12 billion over the next 3 years.
• The successful launch of two new Open Market HomeBuy (OMHB) products to help more key workers, first time buyers and social tenants onto the housing ladder 
• Best ever CSR settlement  of £8.4 billion for the 2008-11 NAHP 
• For the first time, successful introduction of local authorities and ALMOs into the investment programme 
• An additional 69,005 more housing association homes meeting the Decent Homes Standard 
• Housing Corporation expertise contributed to tackle key social policy issues - from chairing the Rural Housing Advisory Group to hosting the Vulnerable People Advisory Group

Housing Corporation Chairman Peter Dixon said,  "This is the best year ever for the Housing Corporation, which has consistently delivered high quality homes for those who need them most.

"Change will bring challenges, but we have shown how we can deliver to the highest level. In our final full year we have established a firm foundation for success on which our successor bodies can confidently build.

"Global financial conditions will present challenges to the sector in the short to medium term.  However, I am confident that robust governance and management, continuing effective regulatory oversight and the strength of the sector's asset base makes it well placed to continue to deliver high quality affordable homes for those who need them most."

Ends.
 
For more press information please contact Katy Nicholson on 020 7393 2115 and Nicole Davey 020 7393 2118

Notes to editors

1)The Housing Association's National Affordable Housing Programme for 2006-08 exceeded output targets of 49,000 homes for affordable rent and 35,000 homes for affordable sale, funding 50,419 for affordable rent and 37,150 for low cost home ownership, exceeding the overall NAHP 2006-08 target of 84,000 homes by 3,569.

2) This means that more homes for rent and sale were funded for those who need them most than at any period in the Housing Corporation's 45 year history, excluding the exceptional years in the early 1990s following the implementation of the Housing Market Package

3) Housing Corporation representatives have been involved in key social policy issues over the last year as:

• Chair of the Rural Housing Advisory Group
• Member of the CLG's Gypsies and Travellers Taskforce
• Member of the Commission on Integration and Cohesion
• Vice-Chair and Membership of the Williams Commission on Design and Quality in the Thames Gateway
• Host of the BME National Advisory Group and the Vulnerable People Advisory Group

4)The Housing Corporation is responsible for regulating housing associations, which provide more than  two million homes across England. 

5)The Housing Corporation is the Government's national affordable homes agency, responsible for investing in new affordable homes and regulating nearly 2,000 housing associations across England. The Corporation's £8.4 billion investment programme for 2008-11 is its biggest ever. Its previous investment programme of £3.9 billion for 2006-08 is funding 84,000 homes; 49,000 of these are for affordable rent, and 35,000 are for affordable sale through the Government's HomeBuy initiatives, 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 Homes and Communities Agency and Office for Tenants and Social Landlords.