Hill Investment Partnerships works with City Councils who wish to redevelop council-owned land to provide much-needed housing. The partnerships potentially also provide new revenue streams for the councils which are vital at a time when many councils will lose the government’s core grant.
The council identifies and invests in land that it already owns using funds allocated from its General Fund, and will invest its knowledge and skills alongside those of Hill, who will also fund land and the costs of working up a planning application.
The partnerships will provide a range of housing, both market and affordable, and will consider commercial and community uses on a site by site, council by council basis.
Of Cambridge Investment Partnership (CIP), the first Hill Investment Partnership, Councillor Kevin Price, Executive Councillor for Housing, Cambridge City Council said:
“Forming the Cambridge Investment Partnership is another innovative way in which the council is meeting some of the key challenges facing Cambridge, especially the severe shortage of affordable housing and the reduction in our funding from the national government.
“The partnership will allow us to develop General Fund land already owned by the council to provide new housing, and reinvest future revenue into providing the services that residents most need. We also remain committed to identifying sites using our Housing Revenue Account to redevelop as 100% council homes wherever possible.”
“We look forward to the partnership being very successful. Along with the £70m grant to be given to the council by the government as part of the recent Cambridgeshire and Peterborough devolution deal, plus Right To Buy receipts, we will now be able to provide more of the much-needed housing the city desperately needs, in the coming years.”