By working with a Housing Association, we can quickly build houses to suit the needs of Eastington people.<\/p>\n
This is how it works:-<\/p>\n
The land is owned by ECLT in perpetuity.<\/span><\/em><\/p>\n ECLT owns the lease and can ensure that the Housing Association fulfils its obligations.<\/span><\/em><\/p>\n Our community <\/strong>priorities<\/strong> \u00a0dictate what is built and how many.\u00a0 NO market value housing and <\/span>\u00a0NO \u201cright to buy\u201d.\u00a0 <\/span><\/em><\/p>\n Note: In Fullers Close all properties are for affordable rent; affordable ‘shared ownership’ is being considered for future projects.<\/span><\/p>\n All t<\/span>he legal back-up already exists, both in National Planning Law and in the Stroud District Council Local Plan. \u00a0 ECLT is a full member of National CLT which has over 350 members, scores of whom have used this model of purchase-and-lease for a decade.<\/span><\/p>\n Sources of Funds – Project One, Fullers Close<\/strong><\/p>\n ECLT is able to access funds for both Feasibility Studies and for gaining Planning Permission. By driving this process, ECLT is in a good position to organise the types of homes and tenancies that our parish requires. The cost of our first project, from inception to start on site (when the Housing Association<\/em> takes over) was \u00a388,750, comprising:<\/p>\n Start-up Fund from National CLT\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a3 4,000<\/p>\n Solar Fund grant from Parish Council\u00a0 \u00a0 \u00a0 \u00a3 6,000<\/p>\n Feasibility Stage grant from Locality\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a3 9,750<\/p>\n Planning Stage grant from Locality\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a340,000<\/p>\n DCLG Grant via Stroud DC\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a329,000<\/p>\n There is more information on \u2018Locality\u2019 and the DCLG (Department for Communities and local Government) on the government agency websites:<\/p>\n Locality<\/a>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0DCLG<\/a><\/p>\n In addition, Aster Homes, our Housing Association partner for Fullers Close, paid for most of the legal fees and engineering costs beyond Feasibility.<\/p>\n The approximately \u00a34 million costs of the build was managed by Aster Homes and funded mostly by government grants from Homes England. Aster Homes sourced the balance from re-invested profits (they are a not-for-dividend company) and loans against future rental income. Aster pay ECLT about \u00a35,000 per annum in ground rents, which helps us fund future feasibility studies.<\/p>\n Sources of Funds – Project Two<\/strong><\/p>\n ECLT wanted to avoid relying so much on a Housing Association for Project Two, being much more confident about the pre-planning process and the costs associated.<\/p>\n Locality funding was replaced by Homes England\u2019s Community Housing Fund (CHF) and ECLT\u2019s experience of consultancy costs allowed us to apply for a \u00a3144,000 CHF grant in late 2019. Because of the December 12th<\/sup> 2019 election and then the pressure of Brexit on 31st<\/sup> January 2020, this was reduced to a Feasibility Grant of \u00a372,000, eventually agreed in March 2020.<\/p>\n Parish Council provided a match-funding of \u00a38,000 from the Solar Fund and, along with the first instalment of Fullers Close ground rent from Aster Homes, Project Two was able to begin basic research in January 2020 with a maximum budget of \u00a315,000.<\/p>\n Significant consultancy work could be paid for once the first \u00a336,000 of CHF grant was received in April and May 2020, with the second \u00a336,000 due in October 2020.<\/p>\n As of July 2020, a national budget for the CHF had not been finalised and so the mechanics of applying for and receiving the balance of the original \u00a3144,000 expected project costs remains unclear. It is unlikely that ECLT and a Housing Association partner, sitting with a proven Feasibility Study for 28 affordable dwellings, will be denied further funds at a time of housing crisis. Shovel-ready projects are always popular.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" By working with a Housing Association, we can quickly build houses to suit the needs of Eastington people. This is how it works:- The Housing Needs Survey gives the number of dwellings required The CLT \u00a0finds an acceptable plot that Continue reading The Finance<\/span>