Social Housing A total of 2,403 social housing units were confirmed as actual starts during the 2020/21 year, exceeding the target of 1,850 starts. Of these starts, 2,111 are new build. A budget of £162m has been secured for the Social Housing Development Programme in 2021/22 (£26m more than in 20/21). The Housing Executive are confident that this year’s SHDP target of 1,900 starts will be met. I outlined my intention to ring fence part of the social housing budget, for areas of acute housing need. Affordable Intermediate Housing The Co-Ownership Housing Association (Co-Ownership) is my Department’s main partner for the delivery of intermediate/affordable housing. £158 million of funding has been approved to assist 4,422 people into home ownership between 2020/21 to 2023/24. As of 31st August 2021, 1,737 homes have been delivered toward this target. Co-Ownership do not develop intermediate housing projects themselves, although 32% of Co-Ownership purchases for Q1 of 2021/22 were new builds. Co-Ownership also operate a Rent to Own scheme through their subsidiary OwnCo Homes. This scheme is funded by £12.5 million FTC loans to support the purchase of over 80 homes for rent and eventual purchase by those households which are not yet financially ready to purchase a home, even by way of shared ownership, to date 70 home purchases have been made & 27 rent to own customers have moved into home ownership. Work is also progressing with Co-ownership to develop a new Over 55 product aimed at providing an affordable housing option for older people. The proposal is to utilise £8m of Financial Transactions capital (FTC) to support the delivery of 118 homes over the next 4 years. Intermediate Rent This will provide a much needed additional supply of good quality, well managed and maintained homes, which are affordable for lower income people and families. Intermediate rent homes can provide a better more affordable rental solution for some, or be a stepping stone for some into low cost home ownership for others. Following consultation, work to finalise the agreed model and implementation can progress. |