Our development programme
By 2023, we'll provide at least 375 new homes to support the delivery of much needed housing, with an aspiration to deliver up to 500.
Across the country, there's a demand for housing that people can afford, so our development programme has been designed to provide exactly that. By doing so, it will help address housing for all members of the community.
Our exciting Development Strategy, which was approved by Board members, sets out how we plan to achieve these 375 homes, which includes the scope to build a small number outside of the immediate area. While the majority of new homes will be built in existing Red Kite communities, we can also provide up to 30% on any appropriate sites that may arise and are considered to fit with our general requirements and purpose.
Our plan is to build a range of different tenures, which will include a small number of outright sale homes. Our main focus will be to deliver affordable rented homes.
The proceeds we receive from sales activity will be used to build affordable housing. While our focus is to provide rented homes at less than 80% of market rent, we need to subsidise the construction of those homes. Local people will likely see that market rent and outright sale homes will be first to be approved.
This helps with funding our development work and we’ve done this so that a surplus can be generated to pay for the deficit that is incurred when building affordable rented homes. Some of these homes (social rented homes) require a subsidy of up to £86,000 per home.
What do each of the tenures mean?