Four bidders have been selected from a shortlist of ten to go forward to the next stage of a new pilot programme aimed at changing the way affordable housing is delivered in Cambridge.
The short-listed bidders who have been asked to develop proposals for the final stage are:
The Corporation's Cambridge Challenge Pilot is looking to pre-select a strategic development partner to deliver affordable housing on three strategic sites in Cambridge: Northstowe, Southern Fringe and North West Cambridge.
Margaret Allen, Housing Corporation Field Director Central, said:
"All the stakeholders, local authorities, agencies, landowners and the private sector have pulled together in this first stage of the pilot. The quality of bids received as part of the first round of this pilot scheme has been excellent and demonstrate the potential that can be achieved through closer partnership working and longer-term commitments.
"I am optimistic that the second stage of the process will continue on this line, leading to the creation of high quality, sustainable communities."
The successful partner will be chosen in advance of the 2008/2011 bid round and given a five-year funding commitment. This will not mean a guaranteed level of funding, but an assurance that (for the specified term) the successful partner will be the sole partner and the sites will not be subject to subsequent competitive processes against other bidders.
In exchange for this assurance, the partner will commit to high-level standards, procurement gains, delivery volumes, value for grant and contributing to community infrastructure.
Over 40,000 affordable homes have been delivered by the Housing Corporation and its investment partners this year, maintaining their track record of delivery and exceeding targets across the board.
The Corporation has delivered its targets on completions for both rent and low-cost home-ownership sale homes in 2006-07, and managed this within its budget.
More than 22,800 rented completions have been achieved against a target of 21,000, alongside over 18,000 low-cost home-ownership completions against a target of 15,737. This gives a combined total of more than 40,800 in the financial year 2006-07, above the 36,737 target level for this first year of the Housing Corporation's two-year National Affordable Housing Programme.
Moreover, all regions have met or exceeded their individual social rented targets and their Low Cost Home Ownership target (LCHO), with the London region hitting 97% of its LCHO target despite the London market, delivering 5,370 homes against a target of 5,531.
The Housing Corporation has also achieved its target nationally to build more rented homes for large families. Corporation funding has delivered more than 5,300 larger social rented homes across the country, against a target of 5,000, and in addition, the Corporation's London region met its target of 35% of new approvals for social rented homes being three-bed or larger.
The programme has been managed within budget, with the Housing Corporation's overall expenditure by close on 31 March at £1.92 billion against a resource limit of £1.96 billion (98.1%).
English Partnerships has identified 15 new housing developments to be awarded funding for a total of almost 600 new homes through its First Time Buyers' Initiative.
The developments are the second tranche of up to 40 sites English Partnerships hopes to identify this year, and follow hard on the heels of the first tranche of 18 developments announced in January.
Together, the sites will provide around 1,300 homes for first-time buyers across the country - putting the initiative on target for its first year of operation - and will contribute to helping 120,000 people into home ownership through the Government's HomeBuy scheme by 2010.
Duncan Innes, the English Partnerships Director responsible for the First Time Buyers Initiative, said:
"We are offering a golden opportunity for people who have been priced out of the property market.
"We all know that there is an increasing gap between earnings and house prices and by reserving affordable new homes exclusively for first-time buyers, English Partnerships aims to help as many people as possible to take their first steps towards full home ownership."
Housing Minister, Yvette Cooper, said:
"With rising house prices, many first-time buyers are struggling to get a first foot onto the ladder. Just because families can't afford the full house price doesn't mean they shouldn't have the chance to get started and buy a share in the first home of their own."
English Partnerships also announced the selection of Housing Options Plus, as National HomeBuy Agent for the initiative. Housing Options Plus is a partnership between regional HomeBuy Agents, Metropolitan Home Ownership and Tower Homes, who already provide a range of services for low-cost home-owners across London.
As National HomeBuy Agent, Housing Options Plus will provide a one-stop-shop for all FTBI home-owners post-sale and will manage English Partnerships' interest until the home-owner 'staircases' into full ownership.
Under the First Timer Buyers' Initiative, eligible buyers contribute a minimum 50% towards the full purchase price of a new home through an affordable mortgage, with English Partnerships contributing the rest by way of a direct payment to the developer. First-time buyers can then 'staircase' to reduce English Partnerships share of the equity at any time, and after three years, will start to pay a charge to English Partnerships based on the contribution it made.
Around 50% of the new homes will be for key workers such as nurses, teachers and police officers. The remaining homes will be made available to local residents who meet priority criteria identified by Regional Housing Boards.