Decision details

Receipt of grant funding from HE via Continuous Market Engagement (CME) as part of the 2016-2021 Affordable Homes Programme will support the delivery of 22 x new affordable rent homes and a further 5 x new shared ownership homes in Hester’s Way. 

The use of external grant funding is favourable as it means less resource strain on CBC as it requires less loan funding to support the scheme.

In submitting a CME bid to HE we are indicating our intention to build further affordable homes in the Borough. This will support HE in building a business case to Central Government to ensure future funding is made available post 2021 when the current funding framework expires.

Not submit a bid for HE funding and fund the scheme using Right to Buy (RTB) receipts – as noted above, the use of external grant funding is more financially preferable to funding via RTB receipts. As we now have an active programme to acquire properties off market to utilise RTB receipts, there is no imminent requirement to use RTB receipts to fund the development of new build schemes. Furthermore, HE funding cannot be used for properties off market – using RTB receipts for these purposes therefore ensures we’re making best use of the respective funding pots.

Support confirmed to proceed with submission of HE bid submission for grant funding to support the delivery of 27 x affordable dwellings (22 x affordable rent and 5 x shared ownership).

Consultation has been undertaken with senior CBH colleagues, and internally with senior officers within CBC.