National recognition for housing company
A Council owned housing company set up to generate profits to reinvest back in the services local people want and need has been shortlisted for a national innovation award.
Ermine Street Housing was set up by South Cambridgeshire District Council to help offset significant cuts to funding from Government and plans will see an annual profit of around £600,000 per year ploughed back into Council services.
Ermine Street Housing was shortlisted for the ‘Reinventing Public Services’ award which states that “local authorities will have no option but to undertake fundamental, wholescale reinvention to maintain the services people value.”
South Cambridgeshire District Council has been shortlisted along side Ashfield District Council, Devon County Council, Ealing Council, Plymouth City Council – CaterED and Warwickshire County Council.
Ermine Street Housing owns and manages a property portfolio of over 50 homes and manages a further 140 on MOD sites in Waterbeach, Bassingbourn and Brampton.
Following the initial pilot project, councillors agreed a £100 million investment in the housing company that will see the money borrowed repaid and an annual profit generated to invest back in Council services for local people.
Ermine Street Housing’s expansion will see the company own around 500 homes – 57 of which are currently being purchased.
Stephen Hills, Director of Housing for South Cambridgeshire District Council, said: “Ermine Street Housing has been a huge success so far and in the next 18 months we expect the annual profits being generated to hit around £600,000. We have established the company on a sound financial footing and the ethos echoes the ethical approach the Council takes. It is excellent that a relatively small rural district council has already beaten off some much larger authorities to be shortlisted and we aim to continue to make a big impact nationally by winning the award.”
For more information on Ermine Street Housing, and to see the properties available to rent, visit www.erminestreethousing.co.uk. You can also call 01954 713099.
South Cambridgeshire District Council owns and manages its own stock of 5,500 Council houses with Ermine Street Housing being set up so the Council could operate in the private sector.