Homes delivered with this funding will contribute to the Government's ambition to deliver up to 165,000 new affordable homes across the country between 2015-18.
The 2015-18 Affordable Homes Programme (AHP) is largely based on the current 2011-15 Affordable Homes Programme model. The HCA has taken the opportunity to introduce some new features which will be factored into the bidding process and the programme itself, building on lessons learned from the current programme.
There will be two routes to bidding: either firm schemes only, or the mixed route comprised of firm schemes and indicative proposals. Any bidder will be able to bid for firm schemes only. Current HCA Investment Partners with a proven track record of good delivery will be able to access the mixed route, where this has been agreed with the HCA.
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This will maximise certainty of delivery, and delivery of firm schemes will be encouraged early on in the programme in order to help maintain an even supply of affordable homes.
A portion of the £1.7bn funding will be retained for future bids through ongoing Market Engagement. This will allow organisations to take the longer timeframes they need to submit funding bids where schemes are not fully worked up by noon at 30 April 2014 when the formal bid round closes. This approach will also encourage bidders to bring forward a higher proportion of firm and realistically deliverable schemes at the outset as it will allow them the flexibility to respond to development opportunities as these arise.
HCA Chief Executive, Andy Rose, said: "We have published full details for the new 2015-18 Affordable Homes Programme to make best use of the lead in time to the start of the new programme and ensure delivery can start from Day 1.
"We are continually looking at ways of maximising the number of new affordable homes for the funding invested, and secure early delivery. We have taken the opportunity to introduce new features which reflect some of the views expressed from partners during the current programme and during the programme development.
"As a result, we are setting in place a solid foundation for delivery post 2015, that builds on the success of the current programme.
"It is important of course that our Investment Partners continue to meet their delivery commitments under the existing programme. Alongside current delivery, they can take advantage of the long lead in time to the new programme, to ensure a smooth pipeline of affordable homes that our communities need. We look forward to taking the new programme forward with them."
(CD/JP)
