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8). Policies Designed To Promote Affordable Housing Fall Into This Category. ...

8). Policies designed to promote affordable housing fall into this category. The people who will gain the most from them are people on low income, who cannot guarantee that they will be allocated a house through the market mechanism.
3.4 How is the Problem of Affordable Housing Addressed?
Various policy initiatives have been introduced to ameliorate the problem of affordable housing in London. These will be discussed in this section. These policies and whether they have a positive impact upon the community will also be evaluated in this section.
Housing Associations in London such as the Keystart Housing Association, Tower Homes, Metropolitan Home Ownership and London Strategic Housing and professionally affiliated Housing Associations such as the Teachers Housing Association are just some organisations which also assist individuals who struggle to afford their own houses in London.
The Registered Social Landlord initiative, which applies to Registered Social Landlord properties built or transferred from a Local Authority, is a home owning subsidy scheme which finances Homebuy Schemes, Shared Ownership, Right to Acquire and Voluntary Purchase Schemes. These schemes are directed at those renting their homes and they invest the tenant with various legal rights to the purchase of the home that they are renting. Registered Social Landlords are regulated and administered through the Housing Corporation. The role of the Housing Corporation is as follows:
‘The Housing Corporation was established by Parliament in 1964 to promote voluntary non-profit making housing associations and co-operatives. The Corporation is a non-Departmental public body sponsored by the Department. The Corporation regulates and funds registered social landlords (RSLs) in England. Since 1974 the Housing Corporation has been the major provider of capital finance for RSLs, using the Approved Development Programme (ADP) which is the chief mechanism for this funding.'.
Local Authorities also have statutory discretion to administer what is referred to as Cash Incentive Schemes. This scheme involves administering funds in the form of grants to help ameliorate the cash shortages experienced, not only by first time buyers but also by those who wish to buy bigger houses, for example when their family size has increased. Statutory discretion in relation to the operation of these schemes is held at local authority level because there are no funds available form central government for this particular initiative; it must be funded by local authorities using their own funds and resources. Therefore even the decision to have such a scheme in place is made at the local authority level, and while central government endorse the scheme there is no guarantee that the scheme will be in place at all.

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