Local Investment Planning - Learning Lessons and a view of the future (Phil Stevens, Sovereign HA)
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This document discusses lessons learned from the local investment planning (LIP) process and looks ahead to the future. It notes that housing associations were brought into the LIP process late and felt some large strategic sites were prioritized over traditional HA sites. It also discusses how the introduction of affordable rent programs with reduced grant levels later called the deliverability of schemes into question. Looking ahead, it suggests greater use of alternative funding sources, public land, and initiatives like the Growing Places Fund will be needed to support affordable housing delivery going forward.
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Local Investment Planning - Learning Lessons and a view of the future (Phil Stevens, Sovereign HA)
- 1. Local Investment Planning - Learning lessons and a view of the future. Phil Stephens Development and Commercial Director Sovereign HA 10 November 2011
- 2. West of England Partnership • Established Group with established working arrangement with a defined lead • HA’s brought into the LIP process quite late • Perception that it was quite planning driven • Large strategic sites were being prioritised. • All happening in an environment where Government were putting in substantial levels of grant funding to keep housebuilding active. Local Investment Planning - Learning lessons and a view of the future.
- 3. HA Input to LIP Process • Sovereign and Arcadia (PS/NH) – about 14 other businesses requesting updates • Major concern over deliverability of large strategic sites • Concern that large sums of grant could be withheld to feed the strategic sites. • Instigated joint meetings with developers and land owners • Developed idea of “Suburban Intensification” for “Traditional HA sites” • Excluded from discussions around investment “allocations” Local Investment Planning - Learning lessons and a view of the future.
- 4. Affordable Rent Programme • Along came CSR and the Affordable Rent Programme • Introduced after LIP process • Reduced grant levels – Serious doubt over scheme deliverability • LA’s staying firm on nil grant S106 – target rent policy • Lack of grant on strategic S106 sites – reducing “affordable” numbers following “viability” challenges • LIP priorities need to be reviewed…….….but no further meetings Local Investment Planning - Learning lessons and a view of the future.
- 5. Moving Forward • Affordable Rent moves goal posts • Financial strength of HAs key to delivery • Alternative sources of funding required – capital markets? • Cross subsidy and mixed use necessary to create viable projects but market conditions creating higher risk. • Good HA sites lying fallow – grant risk too high • Joint venture potential but needs “a market” Local Investment Planning - Learning lessons and a view of the future.
- 6. Moving Forward • Greater access to affordable mortgages for shared ownership • Greater use of public land • HCA/LA to share abortive costs of pre-planning and pre-construction • HCA steer on supportable levels of investment. • New initiatives needed – Growing Places Fund for LEP’s, another kickstart?? • What happens post March 2015 Local Investment Planning - Learning lessons and a view of the future.
- 7. Thank you Local Investment Planning - Learning lessons and a view of the future.