Croydon Affordable Homes (CAH) was set up with the goal of renting out at least 340 local homes costing a maximum 65% of the usual private rent to borough residents by 2020.
Part one of this plan is complete, with 96 one-, two- and three-bedroom properties now formally transferred from being council-owned temporary housing to becoming part of CAH. This gives the tenants longer tenancies, turning temporary accommodation into assured shorthold tenancies lasting between one and three years.
The 96 properties are a mix of two- and three-bedroom houses and flats in areas including New Addington, Selhurst and Sanderstead. Rents have not gone up as a result of the deal, and a couple on housing benefit can afford the rent through the Local Housing Allowance.
The rest of the CAH homes – 244 out of 340 - will be delivered through agreements with private developers between 2018 and 2020 that will be part-funded by £30 million worth of Right To Buy house sales.
These homes will be built by Brick by Brick, the development company set up by Croydon Council, and Hub, the company leading the regeneration of the former Taberner House site in Croydon town centre.
Borrowing restrictions mean the council cannot fund these developments through its Housing Revenue Account, so the creation of CAH allows the same outcome of delivering affordable rented properties across the borough.