Decision details

Brighter Places have reviewed the financial viability of both developments and are using a combination of tenure change, increasing internal subsidy and Homes England Grant funding to maintain delivery. Seven social rent units at Lower Ashley Road are being flipped to Shared ownership, which is not funded under BCCs AHFP. This releases £246,000 of BCC funding from the approved allocation of £1.4m to deliver 31 homes.
The St Johns development of 36 Passiv Haus affordable homes is showing a significant viability challenge due to increasing build costs, the transfer of funding will greatly assist in securing the delivery of this development and is part of a suit of additional funding resources to support the development. The revised development will receive a total of £1,356,000 and will see Affordable Rents switched to Social Rent with a significant improvement in affordability.
The development appraisal for the site has been scrutinised by BCC and Homes England.
This movement of funding ensures no loss of AH delivery for the city.

To approve the movement of £246,000 capital funding, awarded under the Council’s Affordable Housing Funding Policy for affordable housing delivery between two Brighter Places development. Funding will be moved from Lower Ashley Road to the St Johns development to ensure the viability of the St John’s development.

Option 1 - The £246,000 released from the Lower Ashley Road could have been released back into the AHFP budget and re-allocated to a new development. This however would leave Brighter Places a significant shortfall at St Johns and jeopardise the delivery of 36 Passiv Haus affordable homes
Option 2 -
Option 3 -