Housing
is one of the Council's top
priorities and we
are working in partnership with other agencies,
including parish councils, housing associations, developers,
private landlords and local people, to identify where housing is
needed and to ensure it is provided.
Our Housing Strategies and the
Suffolk Coastal Local Plan provide information
about the Council's objectives and policies regarding affordable
housing.
What is affordable housing?
Affordable housing is defined in the
Government's Planning Policy Statement 3 (PPS3) (new
window) as follows:
'Affordable housing includes social rented and intermediate
housing, provided to specified eligible households whose needs are
not met by the market. Affordable housing should:
- Meet the needs of eligible households including availability at
a cost low enough for them to afford, determined with regard to
local incomes and local house prices.
- Include provision for the home to remain at an affordable price
for future eligible households or, if these restrictions are
lifted, for the subsidy to be recycled for alternative affordable
housing provision’.
Affordable housing can include:
Housing for
rent - where the rent charged is substantially less
than open market rents, and is therefore affordable by local
people in housing need. No 'right to acquire' the property can
be exercised by tenants who rent housing association homes
built on rural exceptions sites.
Equity share - housing built for sale and
offered at reduced rates to people in housing need who cannot
afford market prices for owner occupation. Usually 50% or 75%
equity is offered, with a housing association retaining a
percentage of the value of the property in perpetuity.
Shared ownership -
suitable for people whose income does not qualify them for a
mortgage to cover the full purchase price of a house, but who
can afford more than a subsidised rent. There are several
types of shared ownership but the most common type is
restricted shared equity where tenants would initially have a
mortgage of 40-50% and pay rent on the rest. If their income
allows they can 'staircase' up and buy more by way of a
mortgage up to a maximum of 100% on some schemes. Some have
local restrictions.
What is a housing association?
Housing associations are non-profit making organisations that
provide and manage homes for rent and sale for people in housing
need who cannot afford to rent privately or buy. Most Housing
Associations provide housing with the help of public money given by
the government or local authorities; in some cases, the association
may provide housing using its own money. Housing organisations
registered under the Housing Act 1996 are legally known as
Registered Social Landlords.