It is clear that, as ordinary people, we cannot do this on our own. We have therefore sought a partnership with a recognised Housing Association, who could deliver the project under our stewardship. We chose Aster Group of Devises as being the best ‘fit’ with our scale of development and overall aims. They already administer 27,000 homes including several CLT schemes.
Housing Associations are also subject to legislation and are also not for private profit. This term causes confusion, because a profit is made, but that profit is only used to invest in further housing. It is not creamed off by shareholders.
The homes will be built to a high but no-frills standard and rents will be fixed by Government legislation at no more than 80% of the market rate. (This is the current definition of Affordable Rent – might not seem as affordable as all that, sometimes, but it is the best we can do)
Aster Homes describes itself thus:
As a not-for-dividend business, our purpose is to be an ethical housing developer and landlord to benefit society. We build homes for open market sale and shared ownership, and reinvest our profits to develop homes for rent.
Full information about the Aster Group – including their accounts and even what they pay their directors – is available on the Aster Group website .
The Housing Association will also be responsible for allocating vacant homes. This is done through the Homeseekers Register, and ECLT is not directly involved in the process. However, such allocations will always be bound by the rules that give priority to people with the defined Eastington links.