Aylesbury estate allocations (2)

Meeting: 
MQT on 2015-05-21
Session date: 
May 21, 2015
Reference: 
2015/1518
Question By: 
Darren Johnson
Organisation: 
City Hall Greens
Asked Of: 
The Mayor

Question

Does your funding agreement with Notting Hill Housing Trust for the affordable rented homes to be built on the Aylesbury Estate specify the rent levels to be charged? If so, can you tell me what they are in cash terms and relative to market rent?

Answer

Answer for Aylesbury estate allocations (2)

Answer for Aylesbury estate allocations (2)

Answered By: 
The Mayor

The Development Partnership Agreement between the London Borough of Southwark and Notting Hill Housing Trust for the Aylesbury estate regeneration project requires 50% of new homes built to be affordable housing.  Of that 50%, 75% are required to be let at target rents with the remaining 25% retained for low cost home ownership.  On 23 April 2015 the London Borough of Southwark resolved to grant planning approval (subject to Section 106 Agreement) for the estate redevelopment, and it was agreed that the Section 106 Agreement will set out a precise definition of target rent with reference to the Homes and Communities Agency (HCA) document Rent Standard Guidance April 2015.

Grant funding to support the provision of these affordable homes is allocated under the Mayors Housing Covenant 2015-18 Programme.  The funding agreement makes no reference to actual rents for this project.

Notting Hill Housing Trust is still negotiating the terms of the Estate Regeneration loan funding, as part of the due diligence which has been delegated to the HCA.