At a meeting of the JV North Board on Monday (24 August), consortium members discussed the new challenges presented to building homes following the Budget announcement.
Members, who collectively manage over 73,000 homes, discussed the implications of the budget, not least the 1% reduction in rent over the next four years and how it will affect their approach to building.
JV North received £34.8m grant from the Homes and Communities Agency to build 1,075 homes in the 2015/18 Affordable Homes Programme with members committing £161.9m.
JV North Chairman, Nigel Wilson, who is also Chief Executive of Wythenshawe Community Housing Group, said: “The Budget has not changed our ambitions to meet the needs of customers but we need to find solutions to meet the new challenges to build homes while rental income is reduced by 1% for the next four years.
“Our core beliefs remain the same; we are here to serve residents and the neighbourhoods where our members operate.
“We remain committed to providing diverse communities by building new housing of the right type and tenure to meet demand.
“In the vast majority of cases, this means building new homes including for affordable rent.
“To do this in light of the rent reduction means we have to look at working differently and being more efficient.
“As a sector we have a proven track record of being adaptable and resilient. We have made affordable rent work and now we need to do the same with a different financial formula.
“I am confident we will do this but the implications regarding our overall role and purpose through these budget changes cannot be underestimated.”