Thursday, 23 October 2014

HCA affordable homes contracts top £1 billion

Contracts worth a total of £1.21 billion have now been signed under the affordable homes programme, the Homes and Communities Agency has announced.

A total of 74 contracts have now been finalised under the programme, which allows landlords to charge rents at up to 80 per cent of the market rent on new build and some re-lets in return for development funding.

Affinity Sutton, The Guinness Trust and London & Quadrant are the latest landlords to sign their contracts, worth £65 million, £52 million and £35.9 million respectively.

A total of 72 organisations have yet to sign their contracts and nearly £600 million is still to be allocated.

Pat Ritchie, chief executive of the Homes and Communities Agency, said: ‘We are well on track to see the majority of contracts signed by the end of this year.’

The HCA announced last week that it would review bids which have not been signed by mid-November. The agency has the ability to move allocations to other providers if bid negotiations are not progressing.

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