'The Housing Corporation's Approved Development Programme for 1994-95 represents their fourth largest budget since Housing Association Grant (HAG) was introduced in 1974. Overall, gross capital expenditure will amount to over £1.5 billion in 1994-95. Some £600 million is available for new schemes to start next year, of which £400 million will be for new homes for sale or rent.
'The Housing Corporation is confident that this programme will enable housing associations to provide some 58,000 new homes in 1994-95, bringing the total over the three years from 1992-93 to 1994-95 to 178,000. This more than fully meets our manifesto commitment to provide 153,000 homes over this period, and compares extremely well with the 70,300 new homes provided over the preceding three years, 1989-90 to 1991-92.
'The Housing Corporation estimates that, because of reductions in procurement and borrowing costs and increases in efficiency, coupled with the growing proportion of the programme targeted at Tenants, Incentive Scheme grants and other cost- effective home ownership initiatives, they should still achieve the estimate they made a year ago of at least 154,000 completions over the three years 1993-94 to 1995-96.
'A key aim of the 1994-95 Approved Development Programme is to make the most productive use of the existing housing stock: funding for the Tenants, Incentive Scheme has been increased and Do-It-Yourself Shared Ownership will continue to be targeted principally at local authority and housing association tenants, thus freeing up more existing tenancies for new lettings; the Mini-HAG programme for short life housing has been increased to its highest-ever level; within the mixed and publicly funded rented programme, 19% of 1994-95 allocations are for rehabilitation which represents an increase on the last few years; and the Major Repairs and Miscellaneous Works programme has been allocated £75 million, which represents the second highest figure ever.'