First Two Local Authorities Sign Affordable Rent Contracts

The first two local authorities have signed contracts with the Homes and Communities Agency (HCA) to deliver homes under the Government's Affordable Rent programme.  The London boroughs of Barking and Dagenham and Hillingdon have signed contracts to deliver 762 and 225 homes respectively up to 2015.  The £1.8 billion Affordable Rent programme gives housing associations and councils the freedom to charge rents at up to 80% of the market rent on new homes and some existing ones.  By charging higher rents, they are expected to be able to borrow more private finance in replace of scaled back grant allocations.  Read more on 24dash.