Contains definitions of words and acronyms used throughout the Capital Funding Guide.
Contains definitions of words and acronyms used throughout the Capital Funding Guide.
The period to which the provider’s income and expenditure account relates.
The completion date of contracts to purchase land or property.
Affordable housing includes social and affordable rented and intermediate housing, provided to specified eligible households whose needs are not met by the market. Affordable housing should:
- Meet the needs of eligible households including availability at a cost low enough for them to afford, determined with regard to local incomes and local house prices
- Include provision for the home to remain at an affordable price for future eligible households or, if these restrictions are lifted, for the subsidy to be recycled for alternative affordable housing provision
Affordable Homes Guarantees Programme
A government grant funded guarantees programme, launched in 2013, to help housing providers expand the provision of affordable housing.
Affordable Home Ownership
A general term used to describe the various types of funding home ownership with subsidy, such as Shared Ownership and Right to Acquire.
A form of social housing, involving homes being made available at a rent level of up to 80% of market rent (inclusive of service charges).
The Homes and Communities Agency or its duly appointed agent.
Arm’s Length Management Organisation
A body set up by some local authorities to take over the day-to-day running of their properties
A piece of land which has been previously developed for a use other than agriculture or forestry and which has one or more permanent structures on it. These sites can be in urban and rural areas and examples include industrial sites, defence buildings and land used for mineral extraction and waste disposal.
Care and Support Specialised Housing Fund
The 2013 to 2018 Care and Support Specialised Housing Fund is delivered by the Agency on behalf of the Department of Health. The aim of the programme is to support the development of homes for older people and adults with disabilities. See the Care and Support Specialised Housing Fund chapter for further details.
Charitable Incorporated Organisation
A Charitable Incorporated Organisation (CIO) is an incorporated body with a constitution and legal identity that is quite separate from its trustees or members. The trustees or members of a CIO will have limited or no liability. CIOs must be registered with Charity Commission. There are two types of CIOs:
- Foundation CIOs where the voting members and charity trustees are one and the same
- Association CIOs which have a wider membership than the Foundation CIO, including members who are not trustees
Code for Sustainable Homes
A mandatory environmental assessment method used for new homes prior to April 2015. It is no longer a requirement for funding for affordable housing. It is based upon BRE Global’s Ecohomes containing mandatory performance levels (see the BREAM website for details). The Code for Sustainable Homes replaced EcoHomes in 2007 (please see definition below) for the assessment of new housing in England.
The procedure by which the independent auditors and/or the Agency’s local Design Managers check the quality and procedural compliance of schemes developed by providers through a delivery agreement with the Agency.
Compulsory Purchase Order
A legal function to allow property to be compulsorily purchased by a public body.
Continuous Market Engagement
Continuous Market Engagement is the mechanism by which providers are able to bid in to the Agency for funding to support the delivery of new supply affordable housing outside of the Agency’s main affordable housing bid rounds. Please see the Agency’s website for further details on when The Agency runs Continuous Market Engagement.
In the context of the Right to Buy, those costs in respect of the dwelling, which are treated as incurred after 31 March 1974 and relevant in accordance with the Secretary of State’s Determinations made under Section 131 of the Housing Act 1985 as amended by section 122 of the Housing Act 1988. In cases where the Landlord’s notice under section 125 of the 1985 Act is issued after 9 March 1989, the Secretary of State’s Determination made in March 1989 shall apply.
The Housing Corporation - historical reference to one of the Agency’s predecessor bodies. Where this occurs in this Guide it should normally be taken to mean the Homes and Communities Agency. However, in the context of Regulation, Disposal Proceeds Fund or section 172 consent, it will refer specifically to the Regulation arm of the Agency, otherwise known as the Regulator.
Deemed Loan Debt
This is the amount of the Total Capital Costs of scheme not funded by either:
- public capital subsidy (Grant/Recycled grant/Disposal Proceeds fund plus any Other Public Subsidy)
- sales receipts (if applicable)
- the provider’s own resources
If the project includes more than one property, the Deemed Loan Debt must be apportioned between them using the same formula as that used to apportion the Capital Grant. This formula must not be altered by adding, for example, any penalty charged by a lender for premature redemption of a loan, or substituting the actual loan debt should it be greater.
Department for Communities and Local Government
The central government department responsible for housing policy and Agency’s sponsor.
Designated Protected Areas
A principle introduced by The Housing (Shared Ownership Leases (Exclusion from Leasehold Reform Act 1967) (England) Regulations 2009 with effect from 7th September 2009, to assist the retention of shared ownership property in hard to replace areas (e.g. those exempted from the Right to Acquire) by either restricting staircasing or requiring the leaseholder to sell back to the landlord.
Designated Protected Areas Repurchase
Repurchase of grant-funded shared ownership property originally built subject to the Agency’s Protected Areas policy (please see Protected Areas below) by the landlord or a suitable nominated organisation. Where alternative means of funding have been robustly explored, the Agency will fund the repurchase of eligible Protected Area grant funded shared ownership property.
Disabled Facilities Grant
Government funding to local housing authorities to provide and improve adaptation services to disabled people enabling them to continue to stay in their own homes.
The disposal of or of any interest in an affordable housing dwelling or land which has grant attached includes:
- selling it
- leasing it
- mortgaging it
- making it subject to a charge and
- disposing of it, or of any interest in it, in any other way
Disposal Proceeds Fund
An internal fund within the accounts of a Registered Provider allowing the re-use of the net proceeds of sales under Right to Acquire and Social HomeBuy and Voluntary Purchase Grant disposals.
This is defined in section 275 of the Housing and Regeneration Act 2008 as a building, or part of a building occupied or intended to be occupied as a separate dwelling, together with any yard, garden, outhouses and appurtenances belonging to it or usually enjoyed with it.
Building Research Establishment rating for environmental sustainability. In most cases, this is now superseded by the Code for Sustainable Homes above.
Empty Homes 2012 to 2015
The 2012 to 2015 Empty Homes Programme formed part of the 2011 to 15 Affordable Homes Programme. There were two rounds to the programme. Round 1 had a focus on residential properties with round 2 on commercial properties. The aim of both rounds was to tackle long-term empty properties which would otherwise not come back into use without intervention. As a minimum properties must have been empty for at least six months. Properties brought back into use using Empty Homes funding provided affordable housing. The Empty Homes programme is now closed.
Estate Renewal Challenge Fund (ERCF)
A form of capital subsidy paid to a Registered Provider which has taken on stock transferred from a local authority under the ERCF programme. This is a historical funding stream, and is no longer available.
Existing Satisfactory Purchase
A form of acquisition for rent using grant where little or no repair, replacement or improvement work (i.e. approximately £1,500, or less) is required to provide suitable housing. May be used for shared ownership only in cases of Home Ownership for People with Long Term Disabilities (HOLD).
The final cost stage grant claim, triggered by the issue of a certificate of practical completion, or certificate of partial possession (or equivalent), when all the properties are handed over by the contractor to the provider. A certificate of partial possession (or equivalent) may be issued when all units are handed over to the provider but some work, like landscaping, remains to be completed.
Framework Delivery Agreement
Contract between the Agency and delivery partners, detailing the terms and conditions under which capital grant for the 2011 to 2015 Affordable Homes Programme purposes was paid.
The use of recycled grant by a provider to repurchase some, or all, of a leaseholder’s shares where the leaseholder is in mortgage difficulty. Sometimes known as reverse or downward staircasing (see Leasehold Repurchase).
These are mandatory conditions which must be included in the leases of all grant-funded shared ownership property. There are five fundamental clauses in total: alienation, mortgagee protection, pre-emption rights, rent review and staircasing, but in areas designated by the Secretary of State for Communities, there is an additional fundamental clause required: the Designated Protected Areas clause.
Contract between the Agency and providers delivering a programme in the 2015 to 2018 Affordable Homes Programme.
Help to Buy Agents
The Homes and Communities Agency contracts with six local Help to Buy Agents providing coverage across England. The network provides a one-stop shop for potential buyers looking to access affordable home ownership. Developing providers who are delivering Shared Ownership or Help to Buy through the Agency must enter into and sign up to the Service Level Agreement with the Agents that operate in the localities where they are developing.
Help to Buy – Equity Loan
Help to Buy – Equity Loan is an equity loan scheme funded by the Government through the Agency. The Help to Buy product is available to eligible purchasers and is paid directly to house builders that are registered and in contract on the scheme. It offers a maximum 20% equity loan (40% in London) on new build properties up to a maximum purchase price of £600,000. The equity loan is made by the Agency to the purchaser.
Housing Association as Managing Agents
Accommodation managed by a Registered Provider as an agent for the owner.
Now defunct generic name for a suite of Affordable Home Ownership products (Shared ownership, Equity Loans, New Build HomeBuy, Social HomeBuy Open Market HomeBuy, and HomeBuy Direct) designed to help social tenants and others in priority need purchase a suitable home. These products were launched within the NAHP for 2006 to 2008, with HomeBuy Direct being available from February 2009.
This was an equity loan product available under the NAHP 2008 to 2011 and Kickstart, an affordable home ownership product designed to help eligible deposit constrained applicants to buy a newly built property on selected sites with the assistance of two equity loans. The equity loans were of equal amounts, one funded by the Agency and one by the Developer, to be used by applicants in addition to their conventional mortgage loan and any savings. This programme is now closed.
Homelessness Change Programme 2012 to 2015
The 2012 to 2015 Homelessness Change Programme formed part of the 2011 to 2015 Affordable Homes Programme. The programme’s aim was to underpin other work being undertaken to end rough sleeping by providing funding to support the development and improvement of hostels to support rough sleepers, and those at risk of sleeping rough. The programme ended on 31 March 2015.
Homelessness Change Programme 2015 to 2017
The Department of Health-funded 2015 to 2017 Homelessness Change programme supports the development of tailored hostel accommodation and improved facilities for the provision of healthcare, training or education for rough sleepers with the aim of helping them off the streets and transforming their lives. Funding will provide or improve accommodation and/or basic facilities in which healthcare can be delivered, designed to address the health needs of residents, along with communal areas providing space for education and training opportunities to support residents into more stable independent living.
This is defined in section 63 of the Housing Act 1996 as a building in which is provided for persons generally or for a class or classes or persons:
- Residential accommodation otherwise than in separate and self-contained premises
- Either board or facilities for the preparation of food adequate for the needs of those persons, or both
Housing Association Grant
Housing Association Grant was paid between 1974 and 1996. See Social Housing Grant and Social Housing Assistance.
A government benefit which pays all or part of the rent and service charge for a property.
Housing for Older People
Accommodation specifically for older people which either incorporates a range of basic facilities and special design features or are specially designated housing for older people. The distinctive design features should be over and above lifetime homes adaptations to general needs properties. The age of tenants actually resident is not a defining feature. Agency divides housing for older people into three types:
- Housing for older people (all special design features)
- Housing for older people (some special design features)
- Designated supported housing for older people
See Specialist Homes for Older, Disabled and Vulnerable People for definitions of supported housing and housing for older people stock
Housing Market Renewal Fund
Government funding that was previously made available to help to tackle low demand in areas where the housing market is thought to be failing. This programme closed in March 2011. Please see entry on pathfinders below
Housing Quality Indicator (HQI)
A comprehensive set of measures which were used to evaluate existing and planned housing developments on the basis of quality as opposed to simply cost. The indicators covered the location, the design and the performance of the housing project – these three categories produced 10 ‘Quality Indicators’ that made up the HQI system. This is no longer used by the Agency.
Investment Management System (IMS)
The Agency’s computer system for:
- The processing of schemes and payments of grant
- End of Year Returns for the Recycled Capital Grant Fund and Disposal Proceeds Fund
- All provider milestone notifications and grant claims
Housing at prices and rents above those of social rent, but below market price or rents. This includes Shared Ownership (previously New Build HomeBuy), and Rent to Buy.
Is sub-market rent where the rent must not exceed 80% of the current market rent (inclusive of service charge). It is not to be confused with Affordable Rent (please see definition above) which is available with a range of tenancy options and was made available to tenants on the same basis as Social Rent. Rent to Buy in the Shared Ownership and Affordable Homes Programme 2016 to 2021 includes a period of Intermediate Rent. It is also available under the NAHP 2008 to 2011.
Independent Qualified Valuer
The District or Borough Valuer or a professional associate or fellow of the Royal Institute of Chartered Surveyors or any successor body or bodies thereof, who is not employed by, or acting on behalf of, or a member of the family of, the person or organisation selling or transferring or purchasing the property or land being valued. ‘Member of the family’ is defined in section 62 of the Housing Act 1996 (as amended by the Civil Partnership Act 2004) as spouse of that person, or living together as husband and wife, or that person’s parent, grandparent, child, grandchild, brother, sister, uncle, aunt, nephew, or niece. A relationship by marriage is the same as by blood, half-blood as whole-blood, and stepchild as child.
Incorporated Society of Valuers and Auctioneers
The professional institution for valuers and auctioneers.
Keyworker Living Programme
A discontinued programme that operated in the South East, East and London regions in the NAHP 2004 to 2006 and 2006 to 2008 to provide rental and home ownership properties to defined key workers i.e. those listed in the Key Worker Living chapter, paragraph 2.2 of the 2010 to 2011 CFG.
Large Scale Voluntary Transfer
Whole or partial transfer of the housing stock from a local authority to a Registered Provider. This can take two forms:
- Transfer to an existing Registered Provider
- Transfer to a new Registered Provider established specifically to take the transfer, either as an independent Registered Provider or as part of an existing Registered Provider group
Where a number of providers have formed a consortium to deliver homes through the Agency’s affordable homes programmes. One provider is required to undertake the role of lead provider. The lead provider will be deemed responsible to the Agency for a number of additional responsibilities and obligations on behalf of the other providers within that partnership. These responsibilities are referred to in the delivery contracts for the individual programmes.
The repurchase by a provider of some, or all, of the leaseholder’s shares in a grant-funded shared ownership property, potentially with new grant. This includes shared ownership where the leaseholder is in mortgage difficulty, Rural Repurchase and Protected Area Repurchase (see Flexible Tenure).
This includes a sub-lease, sub-tenancy, or licence and an agreement for a lease, tenancy, licence, sub-lease, or sub-tenancy.
This is defined in section 106 of the Housing Associations Act 1985 as “a county, county borough, district, or London borough council, the Common Council of the City of London or the Council of the Isles of Scilly and in S84(5) includes a joint authority established by Part IV of the Local Government Act 1985 and the London Fire and Emergency Planning Authority and in section 85(4) includes such a joint authority as the London Fire and Planning Authority and a police authority established under section 3 of the Police Act 1996 and the Metropolitan Police Authority.”
Local Enterprise Partnerships
Locally-owned partnerships between local authorities and businesses, playing a role in determining local economic priorities and undertaking activities to drive economic growth and the creation of local jobs.
Local Investment Plans
Plans created by Local Authorities following engagement with the Agency. Full details are available on the Agency website.
Low Cost Home Ownership
Former term for Affordable Home Ownership.
Major Repairs Works
Works, other than improvements or cyclical maintenance, to a dwelling owned by a provider in order to ensure the continued habitability of the dwelling. Part of the Miscellaneous Works category.
A formal valuation method set out in the RICS’s Red Book.
Modern Methods of Construction (MMC)
A broad category of building methods that are designed to be more efficient and effective ways of constructing buildings than traditional methods (brick and block). Examples embrace a variety of build approaches including off-site manufacture, ‘Tunnel Form’ and H& H Celon ‘Thin joint blocks’.
This programme was operational from January 2009 until March 2015. The product aimed to assist eligible homeowners to avoid repossession. There were two products:
- Government Mortgage to Rent, whereby a home owner sold their property to an eligible provider and became a tenant
- Equity Loan where a home owner sold part of their equity to an eligible provider but still remained the owner
The Mortgage Rescue Scheme closed to new applicants on 31 March 2014.
National Affordable Housing Programme (NAHP)
The Housing Corporation’s main investment programme for 2006 to 2008 and 2008 to 2011. as the successor programme to the Approved Development Programme (ADP).
National Audit Office
A non-departmental public body responsible for auditing public bodies and producing value for money reports on the implementation of government policy.
National Housing Building Council
A provider of warranties against defects in new build housing.
National Planning Policy Framework
The NPPF replaces Planning Policy Statement 3 (please see entry below) from 27 March 2012 and includes in Annex 2 Glossary of terms a definition of Affordable Housing split into Social Rented, Affordable Rented and intermediate housing.
New Build HomeBuy
Former brand name for shared ownership, which was available between 2006 and 2011. See Help to Buy: Shared Ownership, and also entries for Protected Areas, Protected Areas Repurchase and Rural Housing.
Open Market HomeBuy (OMHB)
A former affordable home ownership product that helped purchasers to buy a property on the open market, with the assistance of one or more equity loans in addition to their mortgage loan.
Other Public Subsidy
That part of the capital cost of property met by funds from a public body other than by Social Housing Assistance e.g. local authority, Health Authority, etc. It may be free or discounted land or a cash contribution.
Off Site Manufacturing (OSM)
The term used to cover all forms of construction where a significant part of the process takes place in a factory rather than the building site. This can range from wall sections to entire pre-finished room modules. See MMC.
The status of any provider bidding through one of the Agency’s affordable homes programmes.
Pathfinder projects were part of the Housing Market Renewal Fund (see entry above). Pathfinder projects covered areas that were most acutely affected by low demand and abandonment in order to create sustainable communities. The Pathfinders covered: Birmingham and Sandwell; East Lancashire: Humberside; Manchester and Salford; Merseyside; Newcastle and Gateshead; North Staffordshire; Oldham and Rochdale and South Yorkshire. This programme closed in March 2011.
Planning Policy Statement 3
This set out the Government’s policy on a range of issues relating to planning in the provision of housing. Published in December 2006 and republished in June 2011 to account for the introduction of Affordable Rent. Replaced by the National Planning Policy Framework in March 2012 (see NPPF).
Platform for Life programme 2015 to 2017
The Department of Health-funded Platform for Life programme is provides accommodation to be let at an Affordable Rent for young people aged 18 to 24 who are homeless or at risk of homelessness and are in housing need. Tenancies are expected to be time limited and linked to participation in work, further education or vocational training, with the aim of assisting residents into long term employment and independence, and thereby improving their prospects for a successful and healthy life.
Post Sales Help to Buy Agent
The single national agent appointed to collect fees and equity loan redemptions in respect of Help to Buy, HomeBuy Direct, FirstBuy, First Time Buyer Initiative and the London Wide Initiative.The Agency has now appointed a Mortgage Administrator to carry out this function.
Practical completion is reached when the works are completed and the homes are fit for occupation as a residential development, in accordance with NHBC requirements, and are sufficiently free of defects that the employer (the provider) is willing to accept the properties as operational i.e. able to be used. A certificate of partial completion may be issued when all the dwellings are handed over to the provider but some external works are incomplete, such as landscaping or boundary walls.
Programme Partnering Agreement
Funding arrangements under which the majority of the Agency’s NAHP 2008 to 2011 was delivered.
The rent which a provider, on the basis of its rent policies and business plans, would expect to charge at first letting for the house types in the schemes for which it had bid. This is the rent figure submitted in a bid for funding for a rental scheme.
A principle introduced by The Housing (Shared Ownership Leases) (Exclusion from Leasehold Reform Act 1967) (England) Regulations 2009 with effect from 7 September 2009, to assist the retention of shared ownership property in hard to replace areas (e.g. those exempted from the Right to Acquire) by either restricting staircasing or requiring the leaseholder to sell back to the landlord.
Protected Areas Repurchase
Repurchase of grant-funded shared ownership property originally built subject to the Agency’s Protected Areas policy (please see Protected Areas above) by the landlord or a suitable nominated organisation. Where alternative means of funding have been robustly explored, the Agency will fund the repurchase of eligible Protected Area grant-funded shared ownership property.
Public Sector Body
A local authority, health authority, new town corporation, a nationalised industry, a Government Agency, an urban development corporation, the Crown, a housing action trust and a residuary body.
Public Sector Subsidy
A term referring to all public money (whether from the Agency or any other body) received in respect of a scheme.
Purchase and Repair
The provider acquires a second-hand property for rent, or sale as shared ownership, and the cost of essential repairs is less than £10,000 but more than £1,500.
Qualifying Lending Institution
Qualifying lending institutions are organisations who are authorised under the Financial Services and Markets Act 2004, and who have permission to enter into regulated mortgage contracts. The Financial Conduct Authority keeps a register of authorised firms on its website along with a list of “permissions,” i.e. activities an authorised firm has permission to undertake. The register can be found at on the Financial Conduct Authority website and accessed via the lenders name and reference or postcode.
Quality Assurance and Impact Visits
Assessments previously carried out by the Agency to review the use of grant-funded affordable homes in the years after completion.
A legal document setting out the Agency’s principles for the recovery of grant. Available in Grant Recovery section 1.
Recycled Capital Grant Fund (RCGF)
An internal fund within the accounts of a provider used to recycle historical grant following relevant events outlined in the Recovery Determination (see above)in all its forms, such as Housing Assistance Grant/Social Housing Grant/Social Housing Assistance in accordance with Agency policies and procedures.
Any organisation, not for and for profit, registered with the Social Housing Regulator as a registered provider of social housing. This can include housing associations, local authorities, charities and private companies.
Registered Social Landlord (RSL)
A Housing Association or a not-for-profit company formerly registered with the Regulator to provide social housing. RSLs registered with the then social housing regulator, the Tenant Services Authority immediately prior to 1 April 2010 become Registered Providers - please see definition of Registered Provider above.
Regulation Committee (referred to as the Regulator)
The Regulation arm of the Agency, responsible for economic regulation (and consumer regulation in cases where there is a serious danger to tenants’ health) of social landlords in England.
The Regulator’s governance, management & operational expectations for all Registered Providers that apply from 1 April 2012. The standards replaced the Regulatory Code – see entry below.
The Regulator’s governance, management & operational expectations for all Registered Social Landlords that applied until 1 April 2010. Replaced by the Regulator’s standards – see entry above.
Work to property in the provider’s ownership which was originally produced with public sector funding. The re-improvement work can be improvements or conversion, and be sufficient to justify an change in rent. If no rent change is justifiable, the work is likely to be classed as major repairs.
A grant recovery term. The date on which repayment of capital grant is due following a Relevant Event, as outlined in the Recovery Determination.
Any event relating to property or land funded by the Agency, which the Recovery Determination specifies as being a trigger for grant recovery i.e. repayment or recycling of grant.
Rent Influencing Regime
The process by which the Regulator seeks to bear down on rent increases through the issue of a guideline limit for rent increases, and influence rent levels through the rent restructuring framework.
Rent Mixed Funding
Term formerly used to describe schemes made available through providers or others that provide permanent housing for rent at target rent levels, funded partly from Social Housing Assistance or other public subsidy and partly from private loans.
Rent to Buy (grant funded)
This scheme allows working households to rent a home at an Intermediate Rent before having the option to buy providing them the opportunity to save for a deposit.This scheme is available for funding under the Shared Ownership and Affordable Homes Programme 2016 to 2021.
Rent to Buy (loan-funded)
A recoverable loan fund to support the development of fixed term affordable rent homes over a two year programme period, from 2015 to 17. The programme is designed to support working households who have not owned a home before to achieve their aspiration of home ownership through a fixed period of sub-market rented housing. At the point the provider decides to sell the home to repay the Government’s loan, the tenant will have the option of buying the home at market value. This is separate to the grant-funded Rent to Buy product offered through Shared Ownership and Affordable Homes Programme 2016 to 2021.
Resource Expenditure Limit
The annual financial resource (cash payments and year-end accruals) available to the each of the Agency’s operating areas to finance the affordable homes programmes.
From April 2002 rents are calculated according to a formula based on relative property values, local earnings and property size. Restructured rents are calculated using the formula and data set out in the DCLG’s Guide to Social Rent Reforms.
Right to Acquire
Under the Housing and Regeneration Act 2008, specified tenants of specified Registered Provider rented stock developed with Social Housing Grant/Social Housing Assistance (but not Housing Assistance Grant) have the legal right to purchase their home under the Right to Acquire.
Scheme Development Standards
A set of design standards published by the Agency setting out the essential and desirable standards for grant-funded property acquired or developed by the provider. Applicable to schemes that received allocations under the 2004 to 2006 and 2006 to 2008 programmes.
Section 106 Agreement
A contract entered into by a local planning authority and a property developer under section 106 of the Town and Country Planning Act 1990 under which the developer agrees to provide defined facilities, such as affordable housing, as part of the proposed development. Such planning obligations are often used as a legally binding agreement between a local authority and developer to deliver additional affordable social housing within a development.
Secure legal interest
For the Agency’s affordable homes programmes, secure legal interest in the property means that the provider owns either the:
- Freehold title registered with title absolute
- Leasehold title (where the lease has at least 60 years’ unexpired duration) registered with title absolute or in the case of any Firm or Indicative scheme comprising Affordable Home Ownership Dwellings 99 years unexpired duration from the projected purchase point
- Freehold title registered with possessory title or good leasehold title and defective title indemnity insurance in favour of the provider with a limit of indemnity to at least the Total Grant Required for that site or
- A binding contract with the owner of the legal and beneficial interest in the site (owning either a freehold interest or a leasehold interest of at least 60 years’ unexpired duration) to secure one of the interests above and that securing that interest is conditional only upon matters that are within the direct and unilateral control of the provider
Self Build refers to a housing development for outright sale undertaken by a mutual co-operative Self Build Group, with sale permitted only to members of that group. This was a historical Housing Corporation funding stream under the National Loan Fund.
The term self-build refers to funding to a provider for Affordable Rent or Affordable Home Ownership under the Agency’s affordable homes programme (where such schemes are defined as eligible under the terms of the particular programme). The provider seeks funding for the product in the normal way, but the construction is undertaken by self-builders instead of by a commercial house builder. The self-builders’ physical contribution to the construction is reflected in what is referred to as ‘sweat equity’. The ‘sweat equity’ can then be offset against an equivalent ‘share’ in a shared ownership property, or the first option on any property developed for Affordable Rent.
Residential accommodation other than in separate and self-contained premises.
Housing sold on a part rent/part sale basis. The shared owner buys a percentage of the property, funded by a mortgage and/or savings. The remaining percentage is still owned by the developing organisation who charges rent on it. Shared Ownership and Help to Buy: Shared Ownership are the brand names for this tenure, replacing New Build HomeBuy (please see definition above). Please see Protected Areas, Protected Areas Repurchase and Rural Housing.
Shared Ownership and Affordable Homes Programme
The Agency’s current main funding programme for affordable housing, which aims to increase the supply of new affordable homes in England. It includes funding for Help to Buy: Shared Ownership, Rent to Buy and Specialist Rent homes for older, disabled or vulnerable people
Short Form of Agreement
A shortened form of the affordable housing delivery contract for Private Registered Providers who wish to deliver nil grant Affordable Rent schemes outside of receiving an allocation of grant from the Agency. A short form of agreement is necessary where a provider intends to deliver Affordable Rent as part of a section 106 agreement without new Agency funding or where such schemes are brought forward voluntarily, without a section 106 agreement or new Agency subsidy as it is a legislative requirement under the Housing and Regeneration Act 2008. A short form agreement is only for new supply Affordable Rent schemes on these terms and does not permit conversion of existing stock which can only be supported as part of a new supply contract with the Agency.
Short Life project
Property brought into short term use for a period of between 2 and 10 years which was not owned by the provider prior to such use and which otherwise would have remained vacant. Last funded in 2004.
A voluntary scheme introduced in April 2006 to allow Registered Providers and local authorities to dispose of their rented housing at a discount, which is linked to the Right to Acquire discount in the local area, to secure tenants to purchase either outright or on shared-ownership terms.
Low cost rental and low cost home ownership accommodation as defined by sections 68 to 70 and 77 of the Housing and Regeneration Act 2008. Aimed at people whose housing needs are not met by the commercial market.
Social Housing Assistance
Capital grant provided by the Agency to fully or partially fund Registered Providers when developing social housing as defined within the Housing and Regeneration Act 2008. Social Housing Assistance is paid under section 19 (6) of that Act and replaces Social Housing Grant paid under section 18 or section 27A of the Housing Act 1996.
Social Housing Grant
Capital grant provided by the Agency to fully or partially fund Registered Providers who were formerly Registered Social Landlords or those paid via a Grant Agreement (see definitions above) when developing social housing, under section 18 or section 27A of the Housing Act 1996. It replaced Housing Association Grant, a similar capital grant paid under previous legislation. Since 1 April 2010 allocations of capital grant have been paid as Social Housing Assistance (see definition above).
Social housing available for rent at or close to target rents on the basis of the Rent Influencing Regime Guidance.
Specialist housing under the Shared Ownership and Affordable Homes Programme 2016 to 2021 is housing for older, disabled and vulnerable people. This type of housing can be either purpose-designed or designated with support (or access to support) provided as required, or offer designated accommodation for a specific client group, within the set of client groups stated in the Capital Funding Guide (Specialist Homes for Older, Disabled and Vulnerable People chapter), but without offering support services. Specialist housing can be delivered through the Shared Ownership and Affordable Homes Programme 2016 to 2021 as Shared Ownership, Rent to Buy, Specialist Rent or nil-grant rent.
Grant funding available under the Shared Ownership and Affordable Home Programme 2016 to 2021 for Specialist Housing (see above). Affordable or Social Rent terms are permitted for this type of housing.
Start on Site
The milestone recording the start of a scheme, including where appropriate the payment of the first tranche of grant, The start on site milestone is triggered by the building contractor taking possession of the site or property, and the provider and builder having both signed the building contract and start on site works have commenced. For details of start on site works, please see the Finance 3.4.3 and 3.4.4.
Supported Housing is accommodation provided for a specific client group to enable them to adjust to independent living or to enable them to live as independently as possible. The term supported housing applies to purpose-designed or designated supported housing. See Specialist Housing for Older, Disabled and Vulnerable People for definitions of supported housing and housing for older people.
Development that balances the environmental, social and economic needs of the present generation, without compromising the ability of future generations to meet their own needs.
Temporary Social Housing
A product available under previous programmes to help providers bring into use at sub market rents, accommodation acquired on a temporary basis with a life of more than 2 but less than 30 years. This funding, and the related Temporary Empty Homes funding, is no longer available.
Tenant Services Authority
The former national regulatory body for social housing landlords and standards for tenants. Replaced by the Agency Regulation Committee from 1 April 2012 (see Regulation Committee).
Traveller Pitch Funding 2011 to 2015
The 2011 to 15 Traveller Pitch Funding Programme formed part of the 2011 to 15 Affordable Homes Programme. The aim of the programme was to support the development of good quality sites to help meet the accommodation needs of traveller communities. Funding was provided to develop new sites, add new pitches onto existing sites and to improve existing provision for travellers. The programme ended on 31 March 2015.
A valuation dated no more than three months before the date of exchange of contracts to sell a property or land, or the period of validity stated in the valuation, or the shared ownership lease if applicable.
Works Only New Build
A new build development on land in a provider’s ownership which has previously had the support of public sector funding/grant. It can also be the demolition and redevelopment of property owned by the provider whether or not the property was originally public-funded. The prior permission of the Agency is needed if grant-funded property is to be demolished.
Works Only Rehabilitation
Works to property in a providers ownership that has previously had the support of public sector funding/grant.