Major new housing JV announced in Brighton
Brighton & Hove City Council leader Warren Morgan (quoted below) has announced an ambitious JV with Hyde Housing Association intended to deliver one thousand new low cost/affordable homes in the city in the next two years.
What is particularly interesting (apart from the fact that these homes will be rented at no more than 40% of tenants' incomes) is the partnership between a Council using prudential borrowing and a housing association with expertise in delivering both affordable and private homes. One to watch.
HERE in Brighton and Hove we have long had a policy of requiring developers to provide 40 per cent “affordable” homes in new developments[,...]
As market rates have continued to soar, this policy has become meaningless as it is never delivered in full and what is delivered is not affordable; it may be below market rate but is still far out of reach for many.
So I am proposing a joint venture with a major housing association in the city, bringing together their sites, and the deferred funding for the affordable element of new projects by major developers that the council can draw in.
Together with prudent borrowing at preferential rates, we can and will build thousands of new flats and houses for the key workers our city, our public services and our local businesses need."
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