local authority finance

 

Barking and Dagenham

Housing Funding and Delivery Strategy

 

Barking DagenhamThe Assignment

The Council were seeking to deliver the comprehensive regeneration of the Gascoigne Estate on the edge of Barking Town Centre, regeneration which was to include high quality mixed tenure housing.

To do so they required expert advice on the funding and delivery strategy for this regeneration programme together with new and innovative methods of funding that could reduce the costs and risks to the Council.

 

Our Role

Chris Shepherd, one of 31ten Consulting's Directors, was brought on to this project following the procurement of East Thames Housing Group (ETHG). It was clear to the Council that the existing procurement was not fit for purpose, and that the scheme and preferred funding route was both unaffordable and did not represent value for money.

Working within the current procurement Chris's advice centred on the provision of a new funding strategy for the delivery of the Estate Renewal Programme. He worked with the Council's legal team, East Thames Housing Group, a range of private sector funders and the European Investment Bank to provide a solution that was not only fit for purpose in delivering the Gascoigne Programme, but could be rolled out on other Estate and Housing projects within the borough.

 

Key Outcomes

This work has resulted in a scheme that has not only unblocked the delivery of a difficult and problematic estate in terms of identifying finance, but also provided the Council with a finance and funding solution on more flexible and beneficial rates than traditional PWLB terms thus increasing viability and providing better value for money for the borough's residents.