Estate Renewal
Hackney Council has announced major capital investments of more than £80 million on affordable housing during the next 12 months.
This includes £45 million for the borough’s Decent Homes programme, involving 1,400 new kitchens and bathrooms, and £22 million earmarked to progress the 20-year, 4,500-home regeneration of Woodberry Down, one of the first beneficiaries of Homes and Communities Agency (HCA) funding in March this year with £16 million to kick start construction of 117 properties to re-house existing residents.
In addition, Hackney Council is looking to build more than 100 new Council homes in the borough by applying to the HCA for £13.4 million, taking advantage of authority-led development recently facilitated by the Government.
The new approach looks beyond a self-funding model reliant on third party developers, and involves developing business plans for individual estates, one of which includes an external refurbishment pilot to help create what could be one of the most environmentally-friendly estates in the country.
Between now and next year Hackney Council is investigating options for new build social housing, including:
- Establishing a Council-owned Special Purpose Vehicle to fund and develop new housing; this could be Hackney Homes, the Council’s Arms Length Management Organisations
- Using Council funds directly. This can include not only HCA grants, but also using the council’s rental streams on new homes to bring in new investment for residents on our estates.
Cllr Karen Alcock, Deputy Mayor of Hackney, said: “We made a pledge to residents to bring Hackney’s housing into the 21st century, and despite the current economic climate this major investment by the Council in our estates and Decent Homes programme over the next year will help us to honour that commitment.
"We have development opportunities that are ready to provide residents with much-needed homes for rent and shared ownership – we are working with the HCA and other potential investors on the best way to bring these forward."
Page updated: 15 Jun 2010
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