Local authorities join the queue for housing money

PRESS RELEASE: 20 MARCH 2012

Local authorities are signing up in increasing numbers to a unique exercise designed to help them secure millions of pounds of funding for vital social housing projects.

The SAF Housing Needs Mapping Project has begun gathering information on councils’ financial position and existing housing stock in advance of a multi-million pound fund being launched to pay for supported living accommodation.

“We have spent many months speaking directly with local authorities to assess their needs and have built up a good picture of what councils’ funding requirements for supported living accommodation will be. But we want the most comprehensive picture possible,” says Phil Shanks, managing director of SAF Housing.

“I would urge councils to enter their details in our short survey that the SAF Housing Real Estate Investment Trust can help them secure affordable funding solutions. The Housing Benefit Review stipulates that councils must meet their statutory duties to provide supported accommodation for elderly or disabled people and with central government funding on the way out, the SAF Housing REIT is a viable alternative.”

The SAF Housing Real Estate Investment Trust has already gained significant support from the Housing Treasury Team, Housing Minister Grant Shapps and MPs alike.

The government is committed to using REITs as a funding mechanism for social housing and Phil says investors are keen to get on board. “We have developed a means of using private money to support public need which satisfies requirements on both sides. An investment trust must offer a return which the SAF REIT does, while offering a lower cost funding solution to local authorities who must provide supported living accommodation.