Housing Investment Plan Louise Dwelly Strategic Affordable Housing Manager

Smarter at meeting the need – of the 23,000 on the register, 69% want to live in 20 settlements

Fixing the financial resources Building on the Council’s financial strength: Political commitment –Housing investment plan of £56 million –Reinvestment of new homes bonus / second homes council tax Smarter investment –revolving loan finance –Using Council’s land value to fund development –Rural cross subsidy departure sites

Cornwall Departure site policy Central principle – where local parishes and property values support them, rural schemes should fund themselves through cross subsidy Not a land owner incentive scheme All schemes must be assessed on an open book basis The level of market housing will vary, being sufficient to fund the delivery of the affordable homes An internal review process looks at schemes which fall below specific thresholds – less than 60% affordable or £15 k average for all plots

Cornwall Departure site policy – common questions No, there is no local policy framework which supports the approach Yes, the approach has been tested at appeal : “it was made clear to me that due to the difficulty of providing rural Affordable Housing during the recession, the Council have promoted and supported the idea of cross-subsidy, whereby a proportion of open market housing has been allowed on such sites to achieve viability. This was accepted by the Inspector at the previous appeal as being innovative, pragmatic and effective, and I concur with his opinion”. (Appeal Ref: APP/D0840/A/10/ Land at rear of Kilburn, Fraddon, St Columb, Cornwall, TR9 6LT) No, there is little evidence of exception site land values having risen No, there is no increase in opposition to such schemes, usually the reverse Yes schemes have been delivered …

Cornwall Departure site policy – outcomes since 2009 Market Units Afford able AverageRangeAverage plot value RangePermissions granted %48%- 83% £10,800£4,000- £18,000 21

Cornwall Community Land Trust Fund Revolving loan finance Charged at the Council’s pooled borrowing rate of 4.7% Just expanded to £4m provided to individual CLTs affiliated to the Cornwall Umbrella CLT Nationally, 137 CLT homes have been completed and 92 are on site, 105 of these are in Cornwall

HCA investment in Cornwall cut by 81%

New Council investment plans Rented supply Annual4 year Housing association activity and HCA investment2661,065 Cornwall Council commissioning programme Council / private sector delivery partnership Cross subsidy schemes in rural areas Section 106 on and off site Council Housing HRA infill (3 year programme) ,065 Ownership Supply First buy allocations87350 Intermediate sale75300 Shared ownership53210 Community land trusts ,060 TOTAL10564,125