PFI housing - Will this prototype have billion pound potential? | Archive Titles

How PFI funding at NEDDC compares with traditional social housing grant funding
	Social housing grant	PFI	Difference
Average weekly rent	£60	£45	£15
SHG required	£0.716m*
SHG/PFI support required (Rents £45 per week)	£1,214	£0.424m*	£0.292m*
Assumed housing benefit take-up	83%**	64%	19%
Cost of housing benefit over 30 years	£5.846m	£3.421m	£2.42 5m
Net present value of Housing Benefit savings			£0.766m
*comparison of value for money
**Housing Corporation estimates 1997/1998

Holmewood scheme details
Demolition of 34 existing PRC homes and replacement with 30 one-bed and eight two-bed flats, and 13 two-bed bungalows
Contract cost	£1.7m
Rent: Average	£45 per week; increases at RPI+1 for 30 years
Main partners	North East Derbyshire DC, South Yorkshire HA
Contractor	Lovell Partnerships
Funding	Dexia Municipal Bank

The social housing pathfinders
Local authority	Scheme value	Housing
Camden	£36m	700	Refurbishment and modernisation including security and energy efficiency of two Swiss Cottage tower blocks
Islington	£8m	2000	Refurbishment and modernisation of street properties
Newham	£33m	1500	Basically sound stock in need of improvement and refurbishment
Reading	£15m	1500	Improvement and remodelling of pre-war North Whitley estate
Leeds	£43m	2700	Selective demolition, tenure diversification, refurbishment, repair and maintenance of Swarcliffe estate which was built between 1950 and the mid 1970s. It has a mix of traditional and non-traditional homes including high rise flats
Manchester	£15m	1200	Refurbishment including selective demolition; housing for sale on cleared sites to diversify tenure
NE Derbyshire	£30m	1000	Refurbishment of defective properties, some demolition and re-provision through social housing grant
Sandwell	£36m	2100	Refurbishment plus selective demolition and rebuild of a mixture of housing types