Blue Skies Consortium Exceeds All ‘08/9 Funding Targets

Despite achieving its largest ever funding allocation from the HCA (and the tenth largest nationally), the Blue Skies Consortium has exceeded all of its start of year targets for ‘08/9 despite the difficulties presented by the housing and financial markets.

The start of year cash spend target of £30.2 million was exceeded by a margin of 50% (ie £45.3 million) and start on site and unit completions were also exceeded (ie 1,070 and 892 homes respectively).

Perhaps the biggest element of success has been in replacing failed Section 106 developer schemes. Out of the original £42 million allocation, almost half in value failed in the early part of the year as developers pulled out of schemes. A major casualty was the largest ever allocation to the Consortium, for over 200 units.

Despite this, with the support of local authority, developer and HCA partners, the Consortium has been able to bring forward a varied programme, meeting regional and local priorities.