All about affordable housing.
Affordable housing should...
Meet the needs of eligible households including availability at a cost low enough for them to afford, determined with regard to local incomes and local house prices.
Include provision for the home to remain at an affordable price for future eligible households or, if these restrictions are lifted, for the subsidy to be recycled for alternative affordable housing provision.
Social rented housing is...
Rented housing owned and managed by local authorities and registered providers of social housing, for which guideline target rents are determined through the national rent regime.
The proposals set out in the three year review of rent restructuring (July 2004) were implemented as policy in April 2006.
It may also include rented housing owned or managed by other persons and provided under equivalent rental arrangements to the above, as agreed with the local authority or with the Homes and Communities Agency as a condition of grant.
Affordable rented housing is...
Rented housing let by registered providers of social housing to households who are eligible for social rented housing. Affordable rent is not subject to the national rent regime but is subject to other rent controls that require a rent of no more than 80 per cent of the local market rent.
Intermediate affordable housing is...
Housing at prices and rents above those of social rent, but below market price or rents, and which meet the criteria set out above. These can include shared equity products (e.g. HomeBuy), other low cost homes for sale and intermediate rent but does not include affordable rented housing.
In the case of social rented accommodation, affordable rents are set by the Housing and Communities Agency in line with national rent restructuring guidelines.
In the case of intermediate affordable housing, the council uses the Government's own measure of affordability based on gross household income.
An owner-occupied or intermediate tenure property is unaffordable if it costs more than 3.5X gross household income. In practice this means that developers are required to make substantial discounts on the sale price of homes to ensure that they are affordable.
The council continuously monitors local house prices and household levels within the borough.