HCA corporate plan published
More than half of the 80,000 new homes expected to be built under the affordable homes programme are due for completion in the final year of the four-year scheme.
The Homes and Communities Agency today published its corporate plan which reveals the funding body’s plans until 2015.
The document reveals targets for the numbers of homes delivered annually through the £1.8 billion affordable homes programme, which allow landlords to charge higher rents in order to increase borrowing capacity.
The plan reveals no homes are expected to be delivered through the programme in 2011-12, 12,000 in 2012-13 and 23,000 in 2013-14.
More than half of the expected new homes, 45,000, are due for completion by March 2015. The framework delivery agreement, which will form the basis for contracts between the HCA and bidders, says the agency will not extend the completion date for schemes beyond March 31, 2015.
The plan shows the number of homes funded through existing agreements under the previous funding regime will decline year by year. A total of 35,000 homes will be completed in 2011-12, dropping each year to 2,000 in 2014-15.
The plan also outlines a leaner structure for the agency. The agency has closed offices and reduced its operating areas from nine to six. It says the restructure will save £100 million by 2015.
