Financial support for councils

Thu 26th March 2015, 5:17 pm

The Department for Communities and Local Government has announced it will set up a Housing Financing Institute to help local authorities build more homes.

The decision follows a recommendation by housing experts Keith House and Natalie Elphicke, who reviewed methods to increase housing supply.

The institute will provide local authorities with dedicated support for engaging in joint ventures, developing investment vehicles and setting up housing companies.

A number of local authorities in London have already set up a housing company, including Ealing and Barking and Dagenham. Other local authorities contemplating the idea include Southwark and Sutton.

Housing minister, Brandon Lewis, said: "The measure will ensure councils can develop the skills and knowledge they need to invest in building in their area, to deliver the homes their communities want."

Lewis later stated that housing companies set up by local authorities should not impact any Right to Buy schemes: "I will not support any council setting up a housing company unless their tenants continue to have the chance of having a Right to Buy."

Sitematch London organiser 3Fox International is currently making plans to host a workshop on 17 June that will explore how councils are setting up housing companies. For more details contact Sophie Gosling on 020 7978 6840.

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