What is 'Affordable Housing'?
In Erewash, there are many people who do not have the income or other means to buy a property and renting privately would also be too expensive and/or too short-term.
There is therefore a need for housing which can provide these households with an affordable home in which they can live for many years.
The housing which would be called “affordable” housing is normally owned by Housing Associations (sometimes known as Registered Providers of Social Housing (RPs) or Registered Social Landlords (RSLs)). They provide cheaper housing to rent, or in some cases to buy.
There are around 6000 housing association properties for rent in Erewash (approximately 2000 of these for older people).
There are also shared ownership properties – which are effectively part-rent/part buy. For example, if a housing association owned a property worth £100,000, someone could buy a 50% share of £50,000 with a mortgage, and pay rent on the other 50%. This would be cheaper than trying to buy normally.
The council can help housing associations to build or buy more affordable houses. They can negotiate with builders and developers to make sure that up to 30% of houses on a large site are sold to a housing association for affordable housing.
They can also support housing associations to get extra money from Government agencies, and in some cases give extra money from the Council, to build affordable homes on other sites.
In summary: By Affordable Housing we normally mean homes (including bungalows, houses and flats) which are owned by a housing association, for cheaper rent, or for shared-ownership.
Further information about Affordable housing and housing associations can be found other Housing sections on this website. These include: