Issue details

To provide an update on progress on delivery of affordable housing schemes within the borough and to seek approval to proceed with the scheme at Highlands Road, Fareham.

The report attached provides Members with an update on six schemes being promoted for affordable homes.  To date, the scheme designs have been developed assuming that the Council’s housing joint venture company, Aspect, would deliver them.  This is due to the funding restrictions that apply to the Housing Revenue Account (HRA) and the competing priorities for the limited, ring-fenced resources.

However, in anticipation of a new Housing strategy and in light of the establishment of the new Housing Department, a slightly different approach is proposed as a pragmatic way to ensure that delivering affordable homes on the most advanced sites (Highlands Road and Bridge Road) is not unduly delayed.  If agreed, the Highlands Road site would be promoted directly by the Council, which would utilise some of the borrowing headroom in the Housing Revenue Account.  It may also allow the Council to secure Government grants, and allow a greater proportion of the units to be delivered at social rents.