The Affordable Rent Tenure (ART) is a new type of affordable housing available from 1st April 2011 that can apply to newly built and relet properties owned by housing associations. Properties let under the Affordable Rent Tenure will usually cost 80% of the open market rent and in South Gloucestershire will usually be made available on a time-limited basis, for a minimum of 5 years. From July 2011, any housing association properties that fall vacant can be considered for relet as ART. This will not affect existing tenants, only new applicants who apply for properties that are available for reletting.
2011 – 2015 Affordable Homes Framework – South Gloucestershire Council guidance
The Homes and Communities Agency (HCA) has invited ‘offers’ from registered provider partners (mainly housing associations) for funding to provide new affordable homes under this programme. Offers are to be submitted by 3rd May 2011. The majority of new homes funded under this programme will be for the Affordable Rent Tenure (ART). Housing Associations will be expected to contribute their own subsidy towards the capital costs of the programme to top up the HCA funding. Associations will be required to enter into contractually binding agreements, or Investment Contracts, to deliver new affordable homes using ARTs, the first of which are expected to be in place by July.
South Gloucestershire Council has published guidance for housing associations on the offer process – this can be downloaded in from the 'read more' section on this page.