Affordable housing is housing which is provided to specific eligible households whose needs are not met by the market.
Generally, to secure planning on any development exceeding nine residential units, a developer must contribute back to the local community. This is dealt with by either a monetary contribution, a requirement to improve local amenities, or by allocating part of the development as affordable housing (normally between 35% and 50%). The contribution or requirement is agreed upon and summarised within a Section 106 agreement. Where it is agreed that a portion of the site will be allocated to affordable housing, the S106 agreement will state that the units must be sold to a housing association.
Through reputation, we have been introduced to multiple national and local Registered Providers and Housing Associations, who are keen to acquire those Section 106 opportunities.
The support from a Housing Association can be vital to ensure you secure the most appropriate and sympathetic tenure split within the blocks. We can work with you to provide offers and general opinion letters for both pre application consultations and the final committee, which provide support for your proposals. To ensure this is most effective, it is important for us to begin reviewing the proposals with you from the earliest possible discussions. Once planning is secured, we can then confirm final prices and work with you to terms agreed.
Some purchasers are interested in acquiring the whole site, either as a land-led opportunity or joint venture, which allows a developer to de-risk the sales element of the build, which is crucial given the uncertainty of future pricing. In some cases, the purchase structure can even be used to assist in the funding of the build, with staged payments over the development cycle. Further, having a Registered Provider on board early gives a developer assurance that the flats will be fit for intended use, without the need for retrofitting.