Funding for affordable housing has fallen in recent years. In the early nineties grants met 75% of the cost of each new home, by 2010 this had fallen to 40% and it is now only 14%. In addition, there is a high demand for affordable housing in most areas so Local Authorities are having to find alternative affordable funding solutions without having to rely on public subsidy.
We work with Local Authorities to develop options and provide advice around setting up Local Housing Companies, an ALMO which will both create revenue for the local authority but will also help with addressing housing shortages by allowing the Councils to deliver housing through the LHC.
We also work as a developer, purchasing land or property to deliver public benefit on private and public land, often via assembly. We always seek to provide win-win for landowners via innovative solutions that add value while also providing a response to a particular local challenge. For example, we are currently rolling out new models of affordable housing providing home ownership opportunities for families who, whilst they do not qualify for social housing, struggle to afford a home that meets their needs. We are actively pursuing land purchase opportunities to develop these products further, and will consider all types of development from small apartments to large family housing.
For further information please contact Rob Barton on Robert.Barton@cornerstoneassets.co.uk