Respond welcomes Government announcement on funding changes for building Cost Rental homes.
Respond, a leading Approved Housing Body (AHB) and service provider, has said they can triple the number of social and Cost Rental homes they have in construction to over 4,100 in the coming months. The organisation currently has 1,396 homes in construction. Respond, supported by Local Authorities, have secured fixed price contracts with major developers and construction firms and can vastly increase their social and Cost Rental homes in construction, subject to Government support. These comments were made welcoming the Government’s latest housing initiative regarding Cost Rental Equity Loan (CREL) which enables Approved Housing Bodies (AHBs) like Respond to deliver Cost Rental Homes.
Niamh Randall, spokesperson for Respond, expressed the organisation’s support for the initiative:
“We are excited about the potential as we prepare to break ground on several large-scale developments that will deliver thousands of new homes for people who urgently need them. We have been working in the background on this for some time, today’s announcements look very promising and we are looking forward to receiving more detail.”
“We could triple the number of social and Cost Rental homes we have in construction up to 4,100, subject to greater clarity and the workability of the new scheme. People urgently need the security of a place to call home, they don’t have the time to wait. We are anxious to step up and put our experience and expertise to good use, building more homes for individuals and families who urgently need them.”
“We fully understand the complexity of housing delivery and have been working with key stakeholders on our plans. We are poised and ready to move on this immediately, subject to details being finalised. We are focused on delivering homes at the lowest possible rents while ensuring that our actual costs are fully covered and all risks are managed. As a not-for-profit Approved Housing Body (AHB) and service provider, we must continue to fulfil our obligations to our existing tenants and service users.”
Niamh Randall, spokesperson for Respond, emphasised Respond’s collaborative efforts with their partners to achieve these accomplishments.
“We have secured fixed price contracts with major developers and construction firms, in principle, supported at the highest level in Local Authorities,” she added, highlighting the positive engagement with the State in the development process. “We have been working closely with the State for some time now to help develop a sustainable and replicable Cost Rental model for the AHB sector, which could more deliver affordable Cost Rental homes in areas where they are most needed.”
With an extensive portfolio of 1,396 homes already under construction, Respond stands out as a construction-led AHB. An impressive 85% of their development schemes are construction-led, demonstrating their commitment to adding to the national housing stock through their home building program.
Respond actively collaborates with local organisations, tenants and residents to create inclusive communities, providing support and resources that contribute to the overall well-being and development of these communities.
This is all made possible through the support of Local Authorities and the Capital Advanced Leasing Facility (CALF) and the Cost Rental Equity Loan (CREL) Scheme from the Department of Housing, Local Government and Heritage, along with private finance from the Housing Finance Agency (HFA).