First Base, the residential-led urban regeneration developer, agreed terms to secure funding from the Housing Corporation to build subsidised affordable homes in England. The Housing Corporation has made an initial award of £4.32 million to First Base to build 76 affordable homes in Southwark, South London. First Base will deliver the new mixed tenure, mixed use project using a Special Purpose Vehicle. This development is an important first step in the regeneration of Elephant and Castle and the funding has been made available under the Corporation's national investment programme.
Councils started to examine the effect of their Supporting People allocations for 2007-08, which the DCLG announced in late July. The early announcement should help ease some of the uncertainty providers have faced in previous years. In London alone an additional £2.8 million is available next year, which represents a 0.8% increase in funding overall. However, there are significant variations in allocations to individual authorities, with some winning increases of up to 7% and others losing their funding.