William Eichler 17 April 2019

London council signs a £44.6m partnership to build new homes

London council signs a £44.6m partnership to build new homes image

Croydon Council has signed up to a multi-million pound partnership with Legal & General in order to deliver over 160 new homes.

The insurance company will invest £44.6m into houses and apartments in the borough and these will, in turn, be leased to the council on a 40-year term.

The rents will be set at Local Housing Allowance (‘LHA’) levels, and after the term ends, the homes will revert to the council.

The 167 new homes will be managed by Croydon Council’s housing team and offered to those on the council’s housing waiting list.

There are currently over 2,000 families requiring Temporary Accommodation in Croydon.

Cllr Alison Butler, Croydon Council’s cabinet member for homes and gateway services, said the deal would save the council around £20m in loan costs.

‘At a time when the Government is squeezing how much it funds local authorities, this innovative partnership offers us better value for money than more traditional loans available to councils, and I hope this encourages other councils and financial institutions to follow suit,’ she said.

Pete Gladwell, head of public sector partnerships at Legal & General commented: ‘Partnerships like this, between forward thinking institutions and local authorities, can also turn statutory duties such as the provision of Temporary Accommodation from revenue drains into revenue generators, enabling councils to take control of their finances.

‘Having launched our new affordable housing business last year, this investment highlights our continued determination to innovate within the sector and to work together to address the UK’s chronic housing crisis.’

Mission possible image

Mission possible

Jonathan Sharp explores how digital transformation is changing the face of local government.
Highways jobs

Head of New Build Property Management

Hackney London Borough Council
Salary, £61,515 - £63,630 (PO12)
You will lead a team, created to ensure the effective handover of newly built properties from our Regeneration team into our Housing Services team. Hackney, London (Greater)
Recuriter: Hackney London Borough Council

Housing Manager

Breckland District Council
£44,697-£50,879 per annum
An exciting opportunity has arisen in our Housing team Dereham, Norfolk
Recuriter: Breckland District Council

Inspector / Senior Inspector

City of Bradford MDC
£21,166 - £31,371 pa
This is an opportunity to join the Highway Maintenance team who have responsibility for maintenance of around 2,000km of adopted road network. Bradford, West Yorkshire
Recuriter: City of Bradford MDC

Traffic Management Operative/Foreman

Balfour Beatty
Competitive
Are you a Traffic Management Operative/Foreman with Highspeed (12AB) Qualifications, looking for a new and exciting opportunity? If so read on..... Leatherhead, Surrey
Recuriter: Balfour Beatty

Cleaning Assistant

Chelmsford City Council
Grade 2 - £17,367, pro rata for part time positions
It's exciting times at Riverside Leisure Centre with a brand-new centre opening in June 2019 and we need you to get on board and help us make this ... Chelmsford, Essex
Recuriter: Chelmsford City Council

Local Government News

Latest issue - Local Goverrnemnt News

The March issue of Local Government News explores alternative funding channels that are available to councils beyond the Public Works Loan Board, what hurdles merging councils face in coming together, and how local government is handling GDPR.

This issue also has a special highways and street lighting section exploring how councils can use lighting to embark on their smart city journey and using IoT technology to weather the storm.

Register for your free magazine