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Collins is considering the following words::: staycation n informal: holiday spent at home, especially due to straitened financial circumstances.:: brickor mortis n informal: a period of difficult times in the housing industry.:: recessionista n informal: a person whose clothes, whether cheap, second-hand or subtly subdued, are considered appropriate to an economic downturn.:: bad bank n informal: a state-owned financial institution created to alleviate a financial crisis.:: credit-crunched adj informal: adversely affected by a credit crunch.
People to have a 'staycation' thanks to 'brickor mortis' - Telegraph
HCA will fund land purchase to kickstart housebuilding16 January 2009By Chloë Stothart, Joey GardinerHomes agency offers 50% of land buying costs to housing associations that promise to build moreThe new Homes and Communities Agency has told some cash-strapped housing associations it will fund up to 50% of their land acquisitions if they can guarantee they will get homes built through the downturn.The news comes after Robert Napier, the HCA chairman, said in October he was asking the government for permission to invest in development land while it was cheap. It also follows the release of a letter by Richard Hill, the HCA director of investment, to investment partners outlining how funding for new social housing would work.Meredith: HCA will expect an equity shareMeredith: HCA will expect an equity shareThe letter said the agency would have arrangements in place with key developing organisations by the end of March and that the HCA would consider helping associations to convert unsold homes into rented property if they agreed to build homes in future. The agency might also help associations to buy land or build on HCA-owned sites if they can do so fast and on a large scale.However, a source at the agency said: “We’ll fund 50% of acquisition costs for sites – it’s something we’ve not done before.”The source said the agency was looking for investment partners to bundle together large portfolios of schemes for potential funding by the agency. Partners were told they could expect more generous grants on stalled schemes if they identified possible new sites for homes.Dale Meredith, Southern Housing Group’s development director, said the HCA would expect an equity share in exchange for the funding. He said: “The expectation is that this land bank is to deliver future programmes. You secure part of that at good value when land values are reducing significantly.”The HCA was formed on 1 December, joining together English Partnerships, the Housing Corporation and central government funding streams. A spokesperson said he “did not recognise” the 50% figure.Meanwhile the Tenant Services Authority (TSA) is in talks with several associations that are having difficulty raising funds about providing short-term loans. The lenders are believed to include London & Quadrant, Circle Anglia, Affinity Sutton and other cash-rich associations.London & Quadrant said it was looking at a variety of ways to help struggling associations including mergers, sales of homes and short-term limited loans. Clare Miller, executive director of governance and viability at the TSA, said: “This is a short-term opportunity to plug the gap. We are not talking about associations in terminal difficulties but those that would normally borrow from banks.”
HCA will fund land purchase to kickstart housebuilding - Building
Olympic funding decision delayed15 January, 2009By Joey GardinerChancellor postpones media centre decision and approval to increase use of contingency fundsChancellor of the exchequer Alistair Darling has postponed a ministerial meeting due to sign off extra funding for the Olympics this week.According to sources close to the situation Darling had been due to meet with Olympics minister Tessa Jowell, culture secretary Andy Burnham, communities secretary Hazel Blears and transport secretary Geoff Hoon today to sign off extra government cash.The money is needed principally because of the failure of Australian developer Lend Lease to arrange the £1bn funding needed for the 2,800-home athletes' village. It is thought the meeting was set to approve drawing down more money from the £2.2bn Olympic contingency fund for that purpose.The government has already signed off £95m from the contingency fund to pay for the development of the village, on which work started in May, after Lend Lease was unable to agree funding from its backers.However, it is also thought the meeting was due to be discussing how to proceed with the media centre, following the scrapping of plans for the original £385m scheme backed by development consortium Igloo Carillion.A spokesman for the Department for Culture, Media and Sport admitted the meeting had been postponed but said it was not able to say when the meeting will be reconvened.The news comes as Tom Dacey, chief executive of Southern Housing Group said the housing association had now received full board backing for its involvement in the Olympic village, revealed by Building in December. Dacey said the board had given full sign-off to its joining in the 1st Thames Consortium of developer 1st Base and housing association East Thames Group, which will turn much of the athletes' village in to affordable housing after the games.
Olympic funding decision delayed - Building
