Investing in housing developments in the city.
Glasgow City Council assumed control of the Housing Investment Budget for the city under the terms of the Transfer of the Management of Development Funding (TMDF) in September 2003.
Since then the Council's Housing Development Funding section has funded housing developments by Housing Associations, Private Housebuilders, charitable organisations and awarded grants for refurbishment to house owners. Between 1 September 2003 and 31 March 2016, funding of nearly £960m has been awarded, resulting in over 12,000 dwellings being built or improved. In addition, around 800 adaptations are funded each year which enable people with disabilities to remain in their homes.
Currently, our funding operates within the Scottish Government's Affordable Housing Supply Fund and in 2015/16 the council successfully invested £72.827m in grant and approved 982 new and improved homes. Further details on the 2015/16 programme are included in Affordable Housing Supply. This review highlights where houses were built, how much they cost, what type of homes, and highlights our large-scale housing led regeneration projects.
The majority of our programme is aimed at enabling Housing Associations to provide social rented housing for general and particular needs. Other housing options being funded are Mid-Market Rent, Improvement for Sale, New Supply Shared Equity. This allows first-time buyers and others to purchase at 60% of full market value. Around 1,360 of these units have been approved city-wide.
Partnership Support for Regeneration Grants (PSR) are provided to eligible applicants to build houses for sale in areas with little or no private housing and to help meet local shortages. PSR provides eligible organisations with the minimum level of gap funding which bridges the gap, wholly or in part, between the cost of a development project and the sales value of the houses upon completion. This is normally provided to private developers.
There are exclusions to who and how the grant is used and the grant needs to target a range of priority groups.