The HCA s affordable home ownership offer. Jamie Ratcliff 20 July 2011

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1 The HCA s affordable home ownership offer Jamie Ratcliff 20 July 2011

2 Opportunities, challenges and HCA funding FirstBuy Affordable Homes Programme Looking beyond grant funding

3 FirstBuy 180m funding ( ) Almost 10,500 first time buyers to be assisted Priority for 2011/12 completions First contracts signed First homes already being marketed

4 FirstBuy how it works 20% maximum loan 50:50 HCA:provider 280k property price maximum Up to 300k in exceptional circs All other terms identical to HomeBuy Direct

5 FirstBuy opportunities If you have a contract: Sign it quickly and start marketing Greater flexibility to achieve sales across sites Sell allocation as quickly as possible Target social tenants and members of the armed forces for sales

6 Affordable Homes Programme Proposed allocations for 80,000 homes just under 1.8bn 146 providers Proposed allocations subject to contract and detailed agreement 12,721 homes in South and South West More detailed geographies not known until contract signing/scheme identification

7 AHP Next steps Finalising contracts with providers over the summer Ongoing flexibility to adapt to changing circumstances and need to work cooperatively with all partners HCA brokering role

8 Affordable Home Ownership (AHP) 21% of proposed allocations 23% in South and South West Also significant existing commitments from NAHP Only standard models (shared ownership or equity loan) Both have prescribed forms No innovation No Rent to HomeBuy No Intermediate Rent

9 New model/new opportunities Maximising capacity: Increased attention to initial share purchased Encouraging RtHB and IMR tenants to purchase Conversions to shared ownership Low volumes expected New ways of thinking? Affordable Rent end of tenancy options? Start thinking now

10 Delivering simplicity Large number of product names Now simplified Continual product innovation Commitment to no change 2011/15 Bureaucratic rules Devolved value-for-money decision on cash incentive schemes to local authorities

11 Branding simplicity Shift to umbrella branding (inside and out of London) Government support for affordable home ownership Shared ownership Equity loans (including FirstBuy)

12 Simplified prioritisation Priority groups: 1. Existing social tenants and serving military personnel 2. Local authority priorities 3. All other eligible households Key workers removed from national priority status moving forward All RPs should actively be targeting MOD personnel and Social tenants

13 Beyond grant funding Non-capital funded support from HCA Providers thinking in new ways (unlocking capacity?) Developing an offer which covers costs for provider Aiming at deposit-constrained? Meeting strong aspiration for home ownership?

14 HomeBuy Agents All HBAs signed up to support non-grant funded affordable home ownership Increasing consistency across the network Looking to extend HBA contracts until March 2013 FirstBuy Driving cost reductions Greater consistency in processes

15 Promoting good practice Provider practice Shared ownership joint guidance Increasing equity holding Resales Mortgage access Promoting mortgage access for affordable housing Affordable home ownership toolkit Data compendium Refreshed June

ownership From six lenders up to 22 Affordable home

16 Engaging lenders Really positive results from January 2010 Equity loans From five lenders up to 18 Shared ownership From six lenders up to 22 Affordable home ownership hit less hard than market as a whole Still challenges ahead

17 Thoughtful innovation Lots of activity in this space Don t reinvent the wheel Low/nil cost options for providers Own low share equity loan schemes With some coupon? Shared ownership with higher rents? Own mortgages?

Further support The HomeBuy email address any query relating to affordable home

18 Further support The HomeBuy address any query relating to affordable home ownership South West Homes/your Local HomeBuy Agent knowledge and support

19 homesandcommunities.co.uk

An update on Traveller Pitch Funding. Caroline Cormack 22 nd March 2012

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