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An answer to the affordable housing crisis?
Published: 2010-03-10 08:08:38
"The question people are asking is where do you get more bang for your buck in difficult circumstances?" Jim Saunders, managing director of Regenter, an investor, operator and developer of housing-led community-based regeneration schemes, believes the answer lies in creating a new joint venture model.
"To do that you need to think differently," he told SocInvest.
One net effect of the recession has been to derail government plans to create three million new homes by 2020. Housing starts are the lowest since 1923.
But this is only part of the legacy: local authorities have inherited a housing development model designed for more prosperous times that no longer works. read more
King sturge calls for re-energised joint ventures
Published: 2010-03-10 07:58:11
"We've got to look at different ways of doing things." That's the call from King Sturge head of consultancy Andrew Ludiman ahead of the general election.
Whoever forms the next government, Ludiman said, one thing is certain: there will be a smaller pot of state cash for regeneration. But despite continuing austerity in the public sector, there will be opportunities to be pursued, including new approaches to joint ventures, streamlining the procurement process to remove disincentives for bidders, being more resourceful in the use of available funds and making better use of available assets.
That last point is significant not only to local authorities but also educational institutions, health authorities and other public organisations seeking to raise project funds.
Ludiman and King Sturge Financial Services managing director Chris Pratt discussed the options ahead of the SocInvest2010 financial summit in June. read more
New projects include TIF as finance option
Published: 2010-03-10 07:44:59
The Buchanan Galleries expansion scheme in Glasgow awaits Scottish Parliament approval to use Tax Increment Financing (TIF) for funding, as Scotland continues to be the frontrunner in pushing forward with TIF.
Business rates in Scotland are a devolved tax, so the Scottish Parliament can sanction their use in this way and has indicated its support for the mechanism.
While Alistair Darling's pre-budget review indicated that there would have to be more research before it supported implementation of TIF elsewhere in the UK, many believe that there is sufficient support for its eventual introduction to include it in their plans.
"We are helping several authorities to prepare TIF / Accelerated Development Zone (ADZ) proposals as part of their regeneration plans," said Stuart Howie, director, PwC Advisory.
Despite the fact that TIF may appear to be on the back burner politically, he added: "there’s a lot of work going on behind closed doors". read more
European Investment Bank holds talks in Scotland
Published: 2010-02-05 08:46:02
A major European lending bank is in Scotland this week, trying to find out why business has fallen away and looking for ways to turn that around. (Sourced from BBC.)
It's no ordinary lender, but a very large arm of European governments, which last year put more than £70bn into projects across the continent.
The European Investment Bank (EIB) has sent a high-level team to meet First Minister Alex Salmond, and three other ministers. read more
Social enterprises redefine bottom-line benefits for local government
Published: 2010-02-02 16:22:22
Social enterprises could be set to play a much larger role in regeneration and SocInvest 2010 will examine their impact - real and potential.
As recession and budgetary constraints force local authorities to become increasingly resourceful, the unique purpose of social enterprises opens up a number of attractive possibilities for cash-strapped authorities.
In many respects social enterprises operate like commercial, market-driven companies, the difference being their primary purpose: to put back any surplus profits into the community. This difference makes them particularly attractive partners for local authorities.
Dave Neilson is chief executive of a partnership of housing associations called Fusion21. "The problem with many PFI initiatives is that partners are only bound to use 'best endeavours' where social outcomes are concerned," he told SocInvest. "There is no obligation to do so."
By contrast, that is exactly what a social enterprise is set up to do.
read more
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