MKDP is progressing its plan to play a pivotable role in both facilitating growth and creating an affordable city by using some of its land holdings to produce a variety of affordable housing. This will create decent homes for essential workers and others on low incomes including supportive provision for those often excluded by mainstream affordable housing providers.
This new Local Housing Company will be a wholly owned subsidiary of MKDP and will be called Milton Keynes Housing Company Ltd (MKHC).
MKDP is in the process of setting up MKHC as a Registered provider. That means it will be regulated by the Regulator of Social Housing which will give Milton Keynes Council certainty that the homes will be managed by the Independent Board of MKHC as affordable housing. This will also provide protection on rents, value for money, and the standard of services delivered to MKHC’s residents.
Tracey Aldworth, Managing Director of MKDP said: “As a landowner we can increase delivery of affordable housing above the current 31% required to gain planning consent in Milton Keynes. Our target is at 50% on larger sites to maintain a mixed and balanced community and 100% on smaller sites. We also intend to raise the bar in terms of quality and play a greater role with the Council on delivering the placemaking agenda.”
MKDP will initially develop 19 mixed-tenure sites in Milton Keynes, which will produce up to 2,000 affordable homes in an overall programme of more than 4,000 homes by 2031. MKHC expects to have its first 78 affordable homes tenanted by late 2023 on a site at Kents Hill.
Further updates on the progress with the LHC will be put on the MKDP website.