Bromford to keep building after HCA funding disappointment
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Chief executive Mick Kent has reinforced Bromford's unflinching commitment to building thousands of new affordable homes across central England.
His pledge follows a disappointing result for the Bromford Partnership in its four-year funding bid with the Homes &Communities Agency (HCA) - receiving just £12.4m of the sum sought on behalf of this development consortium with several other housing associations.
This will fund almost 500 new homes between now and 2015 rather than the original Bromford Partnership bid to fund up to 3,000 properties.
Mick described the HCA decision as a "disappointment and surprise" and stressed that Bromford's commitment to a large building programme remains unchanged.
He said: "We put together what we believed was a really high-quality bid providing a wide range of housing for rent and for sale at competitive grant rates.
"The good news is we're in the programme, which means we can start testing out the government's new affordable rent model. We've been preparing for a nil grant environment for some time - like a number of other large-scale developers, the majority of our development programme is already delivered without grant. We're amongst a very small number of housing associations with a commercial house building arm and this will deliver mixed tenure schemes for us going forward.
"We're financially strong and able to take advantage of what is still a generally subdued land market. We have some excellent relationships with house builders and these will continue to deliver new homes for us to ensure we stay on track as a leading developer across central England
"Bromford is in a really strong financial position thanks to all the hard work put in by colleagues to reshape the business and position it for a future with much less government subsidy. All of this means we will go on building thousands of new homes over the next four years."
Read the HCA announcement