Budget and programme
Table 1 in the Annex provides the breakdown of the 2020-21 budget which included a mix of grant and Financial Transactions (FTs) for loans and equity.
The following Programme Out-turn tables are available within the Annex:
- Table 2 - AHSP Expenditure by Local Authority Area and Central Programmes
- Table 3 - AHSP Expenditure by Category for 2020-21
- Table 4 - AHSP Expenditure by Local Authority Area and Programme for 2020-21
- Table 5 - AHSP Approvals by Local Authority Area and Programme for 2020-21
- Table 6 - AHSP Site Starts by Local Authority Area and Programme for 2020-21
- Table 7 - AHSP Completions by Local Authority Area and Programme for 2020-21
- Table 8 - *Charitable Bonds Invested and Charitable Donations Generated and Issued
- Table 9 - Local Authority Areas where RSLs received Charitable Donations
*Charitable Bonds Invested and Charitable Donations Generated and Issued
The Scottish Government was the first major Scottish investor in Charitable Bonds. The Charitable Bond programme was first introduced in 2013-14 as an innovative investment model for the affordable housing sector. It makes development finance available to Registered Social Landlords for the provision of new affordable housing, whilst also generating capital funds in the form of Charitable Donations which then fund social rented homes.
Charitable donations can be made available to support the delivery of homes for social rent and organisations must be Registered Charities to receive the Donation. The Donation supplements the funding available through the mainstream AHSP for delivery of local strategic affordable housing priority projects. Since 2016, a number of projects have received Charitable Donations. In some instances, the project subsidy required is funded from a mix of AHSP grant and Charitable Donation.
The level of Charitable Donation funds available depends on the demand from RSLs for loans available through the Charitable Bonds programme and the interest rate on those loans. Charitable Bond investments are undertaken throughout the year so there is no fixed amount available for Charitable Donations at the start of each financial year. Decisions on allocating Charitable Donations are informed by the availability of strategic priorities able to be progressed above AHSP RPA levels and, where possible, ensuring a wide geographical spread. The homes supported through Charitable Donations are included in AHSP programme reporting although where projects are in receipt of both Charitable Donation and AHSP grant the homes are only accounted for once.
Summary of 5-year Completions and Expenditure 2016-17 to 2020-21
2020-21 marks the end of the five year target to deliver 50,000 affordable homes, of which 35,000 should be for social rent. The profile of delivery was always back loaded to the latter years of the target period given the significant increase in ambition to deliver 50,000 affordable homes.
Low-cost Initiative for First-Time Buyers (LIFT)
The Open Market Shared Equity (OMSE) scheme aims to help first time buyers and priority access groups on low to moderate incomes to purchase a home on the open market with an equity contribution of up to 40%.
The average household income of buyers participating in this scheme in 2020-21 was £27,000. Nearly all (98%) of Open Market Shared Equity (OMSE) scheme purchasers were first time buyers. The majority (64%) of OMSE purchasers in 2020-21 were aged 35 or under. Monitoring information is available on the characteristics of households purchasing through the OMSE scheme.
Table 11 within the Annex shows LIFT breakdown by category
Table 12 in the Annex details the average total cost per home and the average grant per home for the 2020-21 programme. These are the actual costs relating to the delivery of the projects within the AHSP programme, recorded at tender approval stage and Tables 20 and 21 show Grant Recipients
Table 13 in the Annex illustrates the average cost to deliver an affordable home over the past 5 years and also the average grant input by the Scottish Government, recorded at tender approval stage.
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