Transcript Smarter investment

Housing
Investment Plan
Louise Dwelly
Strategic Affordable Housing
Manager
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Truro
St Austell
Newquay
Falmouth
Penzance
Camborne
Bodmin
Liskeard
Saltash
Redruth
St Ives
Helston
Hayle
Wadebridg
Launceston
Torpoint
Looe
Bude
Penryn
Camelford
Smarter at meeting the need – of the
23,000 on the register, 69% want to
live in 20 settlements
1500
1000
500
Fixing the financial resources
• Building on the Council’s financial strength:
• Political commitment
– Housing investment plan of £56 million
– Reinvestment of new homes bonus / second
homes council tax
• Smarter investment
– revolving loan finance
– Using Council’s land value to fund development
– Rural cross subsidy departure sites
Cornwall Departure site policy
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Central principle – where local parishes and
property values support them, rural
schemes should fund themselves through
cross subsidy
Not a land owner incentive scheme
All schemes must be assessed on an open book
basis
The level of market housing will vary, being
sufficient to fund the delivery of the affordable
homes
An internal review process looks at schemes
which fall below specific thresholds – less than
60% affordable or £15 k average for all plots
Cornwall Departure site policy –
common questions
• No, there is no local policy framework which supports the
approach
• Yes, the approach has been tested at appeal :
“it was made clear to me that due to the difficulty of providing
rural Affordable Housing during the recession, the Council have
promoted and supported the idea of cross-subsidy, whereby a
proportion of open market housing has been allowed on such sites
to achieve viability. This was accepted by the Inspector at the
previous appeal as being innovative, pragmatic and effective, and
I concur with his opinion”.
(Appeal Ref: APP/D0840/A/10/2131749 Land at rear of Kilburn,
Fraddon, St Columb, Cornwall, TR9 6LT)
• No, there is little evidence of exception site land values having
risen
• No, there is no increase in opposition to such schemes, usually
the reverse
• Yes schemes have been delivered …
Cornwall Departure site policy –
outcomes since 2009
Market
Units
Afford
able
Average
Range
Average
plot
value
Range
Permissions
granted
396
524
57%
48%83%
£10,800
£4,000£18,000
21
Cornwall Community Land Trust
Fund
• Revolving loan finance
• Charged at the Council’s
pooled borrowing rate of 4.7%
• Just expanded to £4m
provided to individual CLTs
affiliated to the Cornwall
Umbrella CLT
• Nationally, 137 CLT homes have been
completed and 92 are on site, 105 of
these are in Cornwall
HCA investment in Cornwall cut by 81%
100
80
£m
60
40
20
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NAHP 08-11
AHP 11-15
New Council investment plans
2012-2016
Rented supply
Housing association activity and HCA investment
Cornwall Council commissioning programme
Council / private sector delivery partnership
Cross subsidy schemes in rural areas
Section 106 on and off site
Council Housing HRA infill (3 year programme)
Ownership Supply
First buy allocations
Intermediate sale
Shared ownership
Community land trusts
TOTAL
Annual
266
188
100
75
100
50
779
4 year
1,065
700
400
300
400
200
3,065
87
75
53
50
265
350
300
210
200
1,060
1056
4,125