Housing Corporation News Release

History made as Corporation signs first ever funding agreement with an ALMO
-Stockport Homes has received £1.02 million from the Corporation to fund 17 new homes-

25 November 2008         ref: 87/08

For the first time in the Housing Corporation's history, a social housing funding agreement has been signed between an Arms Length Management Organisation (ALMO) and the Corporation.  Stockport Homes has received £1.02 million from the Corporation to fund 17 new homes.

The news follows last's year's announcement that ALMOs were for the first time able to bid for funds from the Corporation's £8.4 billion investment programme for 2008-11.

Work started on the Stockport scheme this month and is due for completion in November 2009.  Dorset Avenue in Brinnington will consist of.

• 3 x 2 Bedrooms Bungalow;
• 6 x 2 Bedrooms House;
• 4 x 3 Bedrooms House;
• 1 x 3 Bedrooms Bungalow;
• 2 x 4 Bedrooms House;
• 1 x 4 Bedrooms Bungalow.

Housing Corporation Chief Executive, Steve Douglas, said, "This truly is an historical moment for the Corporation.   The decision to add new players to the Corporation’s investment programme means that we can deliver even more homes.

"Stockport Homes can help more people can get onto the property ladder, find a home to rent or one that offers the support they need.  The challenge for Stockport is now to deliver."

Helen McHale, Stockport Homes Chief Executive said, "There is a shortage of affordable housing in Stockport, with over 9,000 people currently on Stockport's Housing Register.  This shortage in affordable housing is exacerbated by high house prices in the Borough and only very small numbers of new affordable houses becoming available.   Receiving this money will not only help people locally, but is a massive vote of confidence from the Housing Corporation."

The signing is one of a further 6 partners added to the Corporation's list of delivery partners who are now able to proceed with delivering much needed affordable homes.  The Corporation has signed over £25 million in funding agreements with private sector and other new partners to deliver over 600 homes, as part of the Corporation's £8.4 billion 2008-11 investment programme.

Ends.

Press enquiries to Naomi Evans on 020 7393 2118

Notes to editors:

1) Stockport Homes is an Arms Length Management Organisation (ALMO), which means it is a limited company wholly owned by Stockport Council, but operates at arms length from the Council with operational day-to-day freedom. Its core business is managing the council stock in the borough, but it also manages a number of other services including Homelessness, Allocations and Carecall.

2) Illustrating the Corporation's supply momentum, grant agreements signed with new partners include:
Stockport Homes ALMO
Bovis
Barrats
Countryside
Lovells
MHS Homes

The signings add to the four agreements already signed this year: Bellway; Persimmon; Galliford Try; and Dunelm.

3) The Housing Corporation is responsible for regulating housing associations, which provide some two million homes across England.

4) 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 funded 92,752 homes; 52,929 of these for affordable rent, and 39,823 for affordable sale through the Government's HomeBuy initiatives, helping people to get a foot on the property ladder.

5) The Housing Corporation is working with English Partnerships and Communities and Local Government to establish the proposed Homes and Communities Agency and Tenant Services Authority by early December.