As the Government's national housing and regeneration agency our purpose is to contribute to economic growth by helping communities to realise their aspirations for prosperity and to deliver quality housing that people can afford.
Central to this work is our Affordable Homes Programme, which includes a new affordable rent model - a more flexible form of social housing that allows providers to charge up to 80% of market rent on properties, potentially increasing revenues and reducing the level of Government investment in affordable homes. As part of the new funding offer, providers will also have the flexibility to convert a proportion of their social rented homes to affordable rent as part of a package agreed by the HCA, with all of the additional capacity generated used to deliver new affordable homes.
Since the HCA was set up in 2008, we have worked with local authorities – both singly and in groups - to support the development of Local Investment Plans (LIPs).This is now our main business process that operates across the country as part of the Government’s and our commitment to localism. By the end of April 2011 we agreed 144 Local Investment Plans, covering 90% of England's local authorities, detailing priorities for action and investment.
Our targeted investment in physical assets helps deliver economic growth, particularly in areas of deprivation and for vulnerable communities. We also invest in improving the quality of existing social housing to provide better facilities for tenants that help improve the quality of life they experience.
We use our own and other public sector land to make faster progress in delivering new homes and amenities, and to attract more private sector investment than would otherwise be possible.