William Eichler 17 April 2019

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

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.’

Creating net-zero public engagement image

Creating net-zero public engagement

Local Climate Engagement is a project to support local authorities or partnerships to plan, commission and deliver high quality public engagement in how best to reduce carbon emissions. Sarah Allan explains.
SIGN UP
For your free daily news bulletin
Highways jobs

Rights Of Way Officer

Cambridgeshire County Council
£27,741 - £29,577
We are looking for a candidate who has practical experience of working with Rights of Way and access issues and... Cambridgeshire
Recuriter: Cambridgeshire County Council

Casual Assistant Swimming Instructor

Chelmsford City Council
Grade 4 - £11.01 per hour
Riverside Leisure Centre is Chelmsford City Council’s flagship leisure facility, offering a variety of sporting activities where there is something... Chelmsford, Essex
Recuriter: Chelmsford City Council

Systems Support Analyst

The Royal Borough of Kensington & Chelsea Council
£26,544 - £30,618 per annum
We are committed to promoting equality and respecting diversity and welcome applications from all sections of the community. Kensington and Chelsea, London (Greater)
Recuriter: The Royal Borough of Kensington & Chelsea Council

Service Manager

The Royal Borough of Kensington & Chelsea Council
£59,111 - £67,900 per annum
Create a better quality of life for our most vulnerable children and young people. Kensington and Chelsea, London (Greater)
Recuriter: The Royal Borough of Kensington & Chelsea Council

Contracts and Commissioning Manager

The Royal Borough of Kensington & Chelsea Council
£44,370 - £50,964 per annum
An opportunity has arisen within the Adult Learning team that develops and oversees the contracting and commissioning function for this service.  Kensington and Chelsea, London (Greater)
Recuriter: The Royal Borough of Kensington & Chelsea Council

Public Property

Latest issue - Public Property News

This issue of Public Property examines how how flexible workspaces can lead the way in regeneration for local authorities, Why local authority intervention is key to successful urban regeneration schemes and if the Government’s challenge of embracing beauty is an opportunity for communities.

The March issue also takes a closer look at Blackburn with Darwen Council's first digital health hub to help people gain control over health and care services.

Register for your free digital issue