The Pension Insurance Corporation has launched a public-private partnership (PPP) with the government’s regeneration agency, Homes England, and Muse to deliver 3,000 low-carbon affordable homes for rent.
Muse is Morgan Sindall Group’s partnership business that works with the public and private sectors to deliver major regeneration projects.
The £54m PPP, called Habiko, will become self-funding over its 12-year duration and aims to diversify the supply chain for future efficient housing developments.
The homes will be built across England in areas of high demand for this type of housing.
Habiko said it is targeting up to 100% affordable homes for rent for those whose needs are not met by the market, with rents set at 20% below the local market rent.
During the lifespan of the PPP, the Pension Insurance Corporation will continue to forward fund the development of the affordable homes and will ultimately own them through its investment and long-term stewardship approach.
Phil Mayall, managing director at Muse, said: “Working together with PIC and Homes England, we can bring together our collective resources and unique experience to deliver thousands of low carbon and low energy homes which, by working alongside our local partners, meet the needs of communities across the country.”
