Following increased funding nationally from the Department, the Homes and Communities Agency has already allocated £8.6 million of grant funding to Torbay over the period 2008-11. This will deliver 185 new homes for rent and 39 shared ownership homes. Torbay could also benefit from the new funding streams (totalling £1.5 billion) in the Housing Pledge announced as part of “Building Britain’s Future” on 29 June.
My predecessor published Proposed Changes to the new South West Regional Spatial Strategy (RSS) which would require Torbay to accommodate at least 15,000 new homes between 2006 and 2026, of which at least 35 per cent. should be affordable housing. The core strategy which Torbay borough council are currently preparing as part of their local development framework will set out the policy context for the future development of the area, and will need to address the overall growth levels set out in the RSS.