July 2004

• Key worker living programme: In line with the ODPM's new Key Worker Living Campaign (launched on 24 March) the Corporation has allocated £667 million over the next two years towards homes for public sector employees. This new key worker programme started on April 1 2004. As well as Homebuy and Shared Ownership, Intermediate Rent and London Key Teacher Challenge is available. General information and procedures related to these programmes can be found in a new chapter entitled Key Worker Living Programme. Detailed information on the individual schemes is yet to be published.
• Stock transfers from public bodies: GENERAL-3, Section 6 has been updated and now incorporates details from Circular 13/97.
• Approved Lenders: First National Home Finance Limited has been added to the Approved Lenders list.
• Housing Ombudsman Service: Following the change of name to the above, references to the Housing Ombudsman Service have been amended accordingly.
• Money Laundering Regulations 2003: The above Regulations were laid before Parliament on 28th November 2003. GENERAL-1, para 12 explains that it is unlikely that RSLs would be considered as high value dealers for low cost home ownership activity, but suggests they satisfy themselves that they meet any requirements of the Regulations.
• Grant Recovery: Details of where to find the latest "Administration allowance" deductible expense for calculating Disposal Proceeds Funds contributions, have been included.
• Good Title: An explanation of what demonstrates "good title" has now been added at GENERAL-10.
• Sale: Following agreement to a Home Ownership Task Force recommendation, future shared owners should be offered the option to purchase further shares in 10% tranches. Forthwith Shared Ownership leases should include this option. There will no longer be a requirement for future shared owners to achieve outright ownership within four stages.
• Managing Agents: The reference in GENERAL-8 to guidance elsewhere on managing agents has been updated, and there is an additional reference to a new model development and sales agreement relating to Social Housing Grant agency schemes for BME Housing Associations with option to purchase.
• Homebuy:HOMEBUY-1, section 5 relating to qualifying lending institutions has been updated to reflect the current legal requirements.
• The Corporation has published its Regeneration Policy and Regeneration Strategy consultation document.