The new approach would reflect, for example, the value of the savings that could be generated by making a home energy-efficient.
Until now, associations have been dissuaded from including such techniques because of their high upfront costs.
At the moment, applications for new social housing developments can only be considered if the proposed capital expenditure is less than 110% of the Housing Corporation's rating for projects in that region. This is called the total cost indicator and is based only on initial capital costs.
Critics say the TCI is crude, and doesn't encourage the construction of sustainable, efficient and high-quality homes.
A corporation spokeswoman said: "We're considering incorporating whole-life value elements into capital allowances for new developments.
"However, we have made no commitment to do this as yet."
John Barker, chief executive of Moat Housing Group, described the move as "great news".
He said: "It makes sense if a robust model can be developed, but the mechanics will be very difficult."
The change cannot come fast enough for the housing sector, where improving technology has made buildings more efficient and cheaper to run, but the upfront capital costs of construction have been rising.
The increase in capital costs looks to be exacerbated after a 23.3% pay rise for construction workers was agreed this week.
Under the deal, reached between the Construction Confederation and unions such as UCATT, the GMB and the T&G, basic rates for skilled tradespeople will increase from £7.30 to £9 an hour over three years. Pension contributions and travel allowances will also rise sharply.
The review to the Construction Industry Joint Council working rule agreement, one of the biggest of a number of industry pay structures, will affect between 250,000 and 500,000 workers.
All parties said the deal reflected the need to tackle the construction skills shortage.
Source
Housing Today
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