A council scheme to buy hundreds of homes and provide them at genuinely affordable rents to Croydon families is nearing its 100th purchase one year after being created.
Last July the council set up Croydon Affordable Homes (CAH) to provide at least 250 homes for Croydon residents that cost no more than 65% of the average market rent. This means a two-bedroom flat that usually costs £1,380 per month is instead at the Local Housing Allowance of £900.
So far, the council has bought 84 mainly two- and three-bed flats and houses, plus a four-bed house and a five-bed house, all of which are for Croydon families previously in temporary accommodation. Another 18 properties are expected to be added to these 84 homes by October once the council has completed these purchases.
In addition CAH has taken on 96 refurbished council-owned or private properties, and at least another 280 new-build affordable rented properties will be delivered for CAH through Brick by Brick, the development company set up by the council that has begun construction on sites across the borough.
The council created CAH as an independent charity so it could use around £30m in Right To Buy sales receipts, set affordable rent levels and give priority to borough residents.
All rooms in the CAH-run homes meet the Mayor of London’s space standards, and tenants get an assured shorthold contract of up to three years instead of the usual six months with private landlords.
In return for council funding that makes the properties available, CAH repays Croydon through both the rent it receives and external investment.
“We created CAH to invest in good-quality, genuinely affordable homes that are within reach of local residents who have been in temporary accommodation, and I’m pleased we have achieved so much in the first year.
“With our 100th CAH property in the pipeline and Brick by Brick already on its first construction sites, I look forward to hundreds more of these affordable homes becoming available to Croydon residents.”
Councillor Alison Butler, deputy leader and cabinet member for homes and Gateway services