Looming deadline
Overhauling the way England pays to build affordable housing was never going to be straightforward, even with a spending pot half the size of previous years.
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However, the task of the Homes and Communities Agency has been complicated by the need to get deals signed quickly so successful bidders for the £1.8 billion available can get on and start building.
Privately, many housing association chief executives are sceptical that the programme could ever meet the ambition of HCA chief executive Pat Ritchie of signing a significant number of deals by the end of this month. Associations (and the substantial number of local authority bidders too) need time to clear renegotiated bids with their boards (or cabinets).
Deals will be done though and contracts signed over the summer. Where the HCA will need to be flexible, however, is in early 2015 when its partners will need reassurance that schemes which might slip beyond the April completion deadline will still be funded.