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Rental guarantee proposal for Croydon housing scheme

Published: 2009-08-13 10:34:44

Proposals have been made to secure funding for London Borough of Croydon’s 550-home scheme Ruskin Square by providing a “rental guarantee”.
 
The HCA would provide the guarantee for an initial period of several years after the first tenants move in. This makes the project more acceptable to institutional investors by allowing their net income to be topped up should it fail to meet a previously agreed level.

The scheme in East Croydon already has planning consent and developers Stanhope and Schroders intend its housing component to be a £140 million “village” for private tenants.

The allocated 48% affordable housing share could be replaced by an agreement to lease a proportion of the homes at below open-market valuation. Stanhope and Schroders have been discussing the funding, design and housing-type breakdown for the development with both the HCA and Croydon Council.

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