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Funding for affordable housing delivery by Brighter Places at St Johns and Lower Ashley Road

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.

Decision type: Non-key

Decision status: Recommendations Approved

Notice of proposed decision first published: 25/05/2023

Decision due: 23 May 2023 by Director: Housing and Landlord Services

Lead member: Councillor Tom Renhard, Cabinet Member for Housing Delivery & Homelessness and Leader of the Labour Group Cllr.Tom.Renhard@bristol.gov.uk

Contact: Louise Baker, Executive Support Manager Email: louise.baker@bristol.gov.uk.

Decisions