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Bridging the Decent Homes Funding Gap

Bridging the Decent Homes Funding Gap. Paul Field, Interim CEO. Background on Sandwell Homes. Prospects for Improvement?. Sept 08. July 05. A good service?. Jan 04. Decent Homes- 2004. 70% non decent Building cost model £450m Funding available £131.1m £318.9m backlog funding.

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Bridging the Decent Homes Funding Gap

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  1. Bridging the Decent Homes Funding Gap Paul Field, Interim CEO

  2. Background on Sandwell Homes Prospects for Improvement? Sept 08 July 05 A good service? Jan 04

  3. Decent Homes- 2004 70% non decent Building cost model £450m Funding available £131.1m £318.9m backlog funding

  4. Decent Homes - 2011 • 11% non decent • Received £291.3m of backlog funding • Re - profiled £18.5m to 2011/12 • Re - profiled £9.5m to 2012/13 • Total £27.6m • But only £1.6m now allocated, £26m gap Sandwell Homes Investment Division – Making Homes Decent

  5. Not the first gap In 2006 we had a £88m gap Less demolitions – 12 high rise blocks Less RTBs Higher costs – inflation, electrical regs

  6. Bridging the £88m gap EXAMPLES • 31/12/12 – 2 years MRA £36m • Scaled back high rise spec £20m • Allowed for 3% refusal rate £14m • Prudential Borrowing £11m • Deferred 600 roofs £ 2m • Gain Sharing £ 5m Not one solution

  7. Uncertainty Decent homes remains the priority for Council & Company Uncertainty of future funding through HRA self financing Therefore uncertainty of programme for tenants (and Councillors)

  8. Bridging the gap - money • CESP funding (£1.4m) • ERDF funding (£1.5m) • Company targetting savings for decent homes (£2.5m) • HRA self financing (? £6m pa more MRA) • Prudential borrowing (debt cap) • Green deal funding Sandwell Homes Investment Division – Making Homes Decent

  9. Bridging the gap - approaches • Reprofiling further into future • ? reduce standard • ? whole house or component approach • ? maximise income from green deal to prioritise heating & insulation programme Sandwell Homes Investment Division – Making Homes Decent

  10. Added Value • 22 new lifetime flats added in void space • 94% spent locally • Partners employ 4.5% apprentices • Now up to £10m gain sharing • Community projects • Partnership working with Housing Strategy, Corporate Property, Highways, ASB

  11. Questions

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