Delivering regeneration in the midst of a credit crunch

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Delivering regeneration in the midst of a credit
crunch

• Tees Valley Unlimited Annual Conference

Eamonn Boylan Deputy Chief Executive Director
of New Ventures Partnerships
16/02/2009
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Our vision

• To create opportunity
• For people to live in homes they can afford in
  places they want to live
• For local authorities and communities to deliver
  the ambition they have for their own areas
• A national agency that works locally

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HCA Funding Significant Investment
Property and Regeneration 1.7bn
Decent Homes 2.6bn
National Affordable Housing Programme 8.4bn
Gypsies and Travellers 0.1bn
Growth funding 1.1bn
Thames Gateway 0.4bn
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The new world

• New organisation - developing flexibility
• New challenges both short term and long term
• New culture national objectives and local
  ambitions
• New partnerships with local authorities, the
  private sector, RSLs and regionally
• New approaches
• New business process (the single conversation)
• New business products (the HCA toolkit)
• New relationship with Government the voice of
  delivery

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Our tasks

• Support the delivery of new homes
• Secure the delivery of affordable homes
• Accelerate regeneration of under-performing towns
  and cities
• Improve the quality of existing stock and
  transform deprived neighbourhoods
• Ensure delivery is economically, socially and
  environmentally sustainable with good design
• Homes and Communities

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Priorities for the Year Ahead
CREATING THE NEW ORGANISATION
DELIVERING BUSINESS AS USUAL
EMBEDDING THE PLACE BASED MODEL OF WORKING
RESPONDING TO THE MARKET DOWNTURN
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Turbulent Times Enduring Themes
Growth
Renewal
Affordability
Sustainability
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The Market Downturn

• Global liquidity crisis means reduced access to
  credit for
• Employers
• Consumers
• Developers and RSLs
• In the wider economy - reduced economic activity,
  reduced confidence, increased unemployment -
  recession
• Leading to reduced demand for housing
• Supply slower to respond
• Further falls and expectations of falls in house
  prices

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How Long and How Deep?

• Uncharted territory

now
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Delivering regeneration in the midst of a credit
crunch maintaining priorities

• The downturn hits places at very different stages
  in their regeneration journey
• It is essential to hold on to the long term
  vision
• Realism and adaptability in the short term is
  essential, but the commitment to quality must not
  be lost
• Where development cannot be progressed in the
  short term, we need to look at phasing and
  innovative ways of working
• The HCA will provide active support and
  constructive challenge

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Responding to the Market Downturn What has
Already Been Agreed

• 1.2bn brought forward to invest in housing and
  regeneration
• Introduction of Clearing House Scheme
• Homebuy Direct
• Mortgage rescue
• Work with RDAs on priority regeneration projects

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Delivering regeneration in the midst of a credit
crunch the national response

• Tailored programmes for individual housing
  associations
• The potential for local authorities to come
  forward with their own development packages
• The funding of infrastructure works on a
  returnable basis
• The scope for land purchase
• The potential to access new sources of finance

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Delivering regeneration in the Tees Valley

• Working with local partners to re-phase
  investments
• Examining site acquisitions to prepare for the
  future
• Preparing for delivery site preparation at
  North Shore
• Funding local renewal

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Housing Market Recovery Programme
Work completed by Credit Crunch Task Force TVU
working with HCA

• Key elements suggested by TVU
• a flexible approach to housing tenure
• de-risking strategic housing regeneration sites
  by site-specific preparatory and enabling work
• the acceleration of the housing market renewal
  acquisition and clearance programme
• an RSL/private developer-led resurgence of market
  housing through a) RSL purchases of unsold
  market housing b) the joint revival of
  construction activity to complete unfinished
  sites and c) working together to open new sites
• providing alternative routes to affordable home
  ownership, bringing empty homes back into use
• supporting existing vulnerable owner occupiers
  through a mortgage rescue scheme and
• establishing a Tees Valley HomeBuy agent to
  improve access to housing for all

A New Way of Joint Working
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Towards a Single Conversation

• Strategy
• Capacity
• Investment
• Delivery
• Programmes
• Standards and mechanisms
• Investment tools
• Embracing both capital and revenue investment
• Area-wide and specific interventions

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The Single Conversation in the Tees Valley

• Working with the MAA
• Securing strategic and
• local ambitions
• Developing City Region
• New model of partnership

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Conclusions

• HCA brings opportunities for genuinely new
  approaches to delivering housing and regeneration
• Our immediate priority is to ensure we maintain
  delivery and capacity during the downturn
• It is essential to hold on to the long term vision

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