Following these relevant events Homes England will make certain allowances, in particular for: 3.1.9 Registered Providers are required to keep a written record of grant recovery calculations for audit purposes. The net proceeds can be reinvested in line with the providers objects and purposes. Written calculations supported by documentary evidence of the figures used in relation to the deferment must be retained by the Registered Providers. Supplemental Educational Opportunity Grant (SEOG) Question about federal seog grant : r/financialaid - Reddit Term of lease in months (b): 120 months They can be source-identified, selected, or tested. Applicants submitting proposals spanning multiple financial years should state this on the application form and clearly outline the activities, milestones and outputs that will be delivered by the end of each financial year. We use some essential cookies to make this website work. 3.2.5 Registered Providers must apportion deemed loan debt in the same way as they apportion grant. Capital Funding Guide - 7. Grant Recovery - GOV.UK 5.6.8 Where one Registered Provider is transferring all or some of its Recycled Capital Grant Fund balance to another Registered Provider (for details of the circumstances under which this is acceptable, please see 5.7 below), notional interest is added at the end of the year. This webinar offers advice on putting together an SSG application and our panel of experts answered your questions. 80,000 - 56,000 = 24,000. 6.5.12 The amount to be debited should be drawn down from the Recycled Capital Grant Fund on the completion date of the legal transaction, and calculated as follows: Debit from fund = (staircasing sales allowance) + (payment due for the shares to be purchased x 70%).The staircasing sales allowance at the level current at the date of completion should be used in this calculation. the amount capitalised on the balance sheet) less, The sum of any sales receipts (if applicable) less, The notional loan debt that the Registered Provider is able to support from the rental stream produced by the properties (if applicable) less, Any other resources, including the Registered Providers own, Members of a group structure (although each member of the group must have its own Recycled Capital Grant Fund), Members of a Development Partnership or Consortium which is currently in receipt of grant, To another local Registered Provider and/or, To a similar type of Registered Provider (e.g. The owning Registered Provider pays 79,400 to the shared owners mortgage company (80,000 less valuation and the shared owners legal fees totalling 600). It is a last resort option to enable a shared owner (NOT an outright owner) experiencing severe financial difficulties to remain in their own home despite changes in their financial circumstances. You must submit the Free Application for Federal Student Aid to be eligible and your expected family contribution also is taken . An Act to make provision for the honour and dignity of the Crown and the Royal Family; make provision about allowances and pensions under the Civil List Acts of 1837 and 1953; and for connected purposes. 3.4.4.40 If the amount for which the defaulting leaseholder is liable under the Mortgagee Protection Clause would have left the Registered Provider with a surplus after full grant recovery then it is a matter for the Registered Provider to decide whether to seek to recover this amount when taking action to recover other monies due. Registered Providers may not deduct any administration allowance. If the net sale receipt is 9,200 then 9,200 of grant will be recovered with the balance of 6,073 (15,273 - 9,200) of the recoverable grant being deferred until the next staircasing sale. It is the budget block the money is in that causes more problems. Recycled grant cannot be used to allow shared owners to repay debt (other than their principal mortgage debt and arrears), or to buy other goods or services. These must be time-bound rather than ongoing activities. The following may not be funded with recycled grant: 6.2.4 Registered Providers must consult the relevant contract manager if unsure about a proposed use of recycled grant. A change of use will be a relevant event if the Registered Provider changes the use of the property to one which does not qualify for grant (at the time of the change of use). Student Eligibility 2.5.5 Homes England will charge additional interest if the invoice for repayment of grant, or interest due to late notification, is not paid within the timescales specified in the invoice. Please see section 7.2. 6.3.2 Registered Providers are asked to note that the following requirements around movement of recovered grant across local authority and sub-area do not apply in respect of capital grant recovered as a result of disposals under the Voluntary Right to Buy. Please call or email us if you have any questions about your applications or eligibility for financial aid. In such circumstances Homes England will expect deregistering providers to sign up to a deed of covenant in order to ensure that the route to recover grant is acknowledged by the deregistering provider should a subsequent relevant occur in the future. The Regulator may change this decision at any time after the Registered Provider ceases to be a supervision case. 5.7.4 The receiving organisation must ensure: 5.7.5 The donating organisation must debit the sum from its own Recycled Capital Grant Fund on the date the amount is transferred and document this accordingly. To be classed as a state aid, a grant would need to satisfy all of the following four criteria: There are exceptions. It provides 600 for the first child and 300 for each subsequent child . 5.8.1 If Registered Providers do not recycle the grant within three years, Homes England will collect it (including notional interest) and recycle the money through the current affordable housing grant programme. For profit-making Registered Providers, repayment will be in accordance with the uplift principles defined in section 3.4. For an explanation, please see below. The final deadline for applications is 23:55 Monday 17 July 2023. 7.2.7 The full guidance on how to submit an annual return can be found on Homes Englands IMS guidance page. Shared owners must be able to show that other short and long term options, such as loan rescheduling, or selling and moving to cheaper property within a reasonable travel to work area have been exhausted, Registered Providers must also take into account the shared owners ongoing ability to meet future repair and maintenance liabilities, Future sustainability should be based upon advice from an independent debt-counselling agency, and should include consideration of housing benefit eligibility. There is also the option of full re-purchase, under which the shared owner becomes an assured tenant of the Registered Provider. Proposals for projects spanning multiple financial years will be accepted and all project activities must be completed and invoiced by 27 March 2025. Reference the Recipient's Funding Certification and Agreement . PDF Somerset Equality Innovation Grant 2022 Relevant events 7a) to 7f) providers should notify Homes England not more than 14 days from the date which the relevant event occurred. Relevant events 7g) to 7t) providers should notify Homes England in advance of the relevant event occurring. A minimum overall score of 20/40 is required to be eligible for SSG grant funding. a shortfall on one dwelling in the scheme is not rolled forward to other dwellings in the scheme. Initial Share Sold: 40% 6.3.6 If Registered Providers wish to spend recycled grant in a different sub-area from that in which it originated, they must consult with the Provider Management team prior to entering into any commitment that is to be fully or partly funded from recycled grant. a specialised housing provider), It receives notification of the date on which each sum being transferred was originally credited to the transferors Recycled Capital Grant Fund, The date on which it credits its own Recycled Capital Grant Fund is no more than one day after the date the sums are debited from the transferors fund, Why the fund has not been spent within the permitted three years, 100,000 credited to the fund on 16.8.2015, That is during the 2015/16 Recycled Capital Grant Fund year, The three year period following the year of credit is therefore 2016-2019, During the year ending 31 March 2015 500,000 was credited to the providers fund, The three year period is therefore 2016-2019, In 2016/17 the provider deposits 100,000 into the fund, The total Recycled Capital Grant Fund balance is 600,000, During 2016-2019 period 550,000 is spent, Any three year old grant (where a rollover request has not been approved), The interest that the Registered Provider is required to calculate on that three year old grant up to 31 March of the year in question; plus, Interest that Homes England will calculate as due from 1 April to the date of the invoice, The provision of new dwellings for Shared Ownership, Rent to Buy, Affordable Rent and Social Rent (please see section 6.1.2 below), Re-improvement or the physical conversion of existing owned larger properties into smaller properties that better suit local housing need, Downward staircasing where it will prevent repossession and homelessness - provided the criteria in section 6.5 are met, To repurchase homes sold outright under Social HomeBuy post April 2006 where the freehold transfer includes a 21 year pre-emption right, To repurchase properties sold under Right to Acquire or Right to Buy after 1 Jan 2005 (the Housing Act 2004 gives a ten year right to repurchase properties sold under Right to Acquire or Right to Buy), To repurchase a shared owners equity in a grant funded Shared Ownership property, To repurchase properties sold under Social HomeBuy or New Build HomeBuy post April 2006 on Shared Ownership terms, where the leaseholder has staircased to 100%, Works to ensure compliance with the Fire Safety Act 2021 to request permission to utilise funds for this purpose please contact the Historical Grants Team at, Other activities for which Homes England could make Social Housing Assistance funding available, except where a restriction is stated in this section of the Guide, Social HomeBuy or Right to Acquire discounts, Work to existing stock that is ineligible for funding because of the terms under which it was originally financed. 7.1.2 Registered Providers that are subject to a Grant Agreement should also separately record units funded with recycled grant and no new grant on IMS when/if it is required by their agreements. 3.3.3.1 Where an approval is revised, Homes England will normally require repayment of any excess grant paid, which is the difference between the amount of grant paid and the revised approval, plus any interest due as per section 2.4. 2.1.1 This section sets out the procedures that must be followed by all Registered Providers when a relevant event occurs in connection with grant-funded land or property. He works through the three preconditions of grant. Summary. Federal Pell Grant. A copy of the solicitors advice must be kept with the written calculation of recoverable grant for audit purposes. For details of what is meant by these terms, please see Finance section 3.1.6 3.1.8. The Sovereign Grant Act 2011 (c. 15) is the Act of the Parliament of the United Kingdom which introduced the . 5.2.2 Each Registered Provider must weigh up any advantage of being able to recycle grant against the cost of setting up and administering a Recycled Capital Grant Fund including the likelihood of a usable balance being built up in the fund and spent within three years. 4.5.2 For Leasehold Schemes for the Elderly schemes where the units were sold outright at a discounted sale price, the grant-funded discount is not recoverable. 3.4.4.63 If the net sales receipt is insufficient to enable the recovery of grant attributed to the share being sold, Registered Providers should recover grant in part and the shortfall should then be recovered when the sale of a further share of that dwelling, or the sale of shares of any other property within the same scheme occurs. Value of share: 20,000. 2.4.3 Where there is an option to recycle and Registered Providers opt to credit recoverable grant to their Recycled Capital Grant Fund (as detailed in this chapter), the effective date of the credit is the date of the relevant event. If the shared owner buys a further 40% of the dwelling, the grant attributable to that staircasing is 40/55 x 21,000 = 15,273. 3.4.4.59 The Right to Shared Ownership is only applicable to new Affordable Rent or Social Rent homes funded and delivered as part of the Affordable Homes Programme (AHP) 2021 to 2026. 6.5.1 Although a priority use for recycled grant, downward staircasing is permitted only in cases where other options for avoiding repossession have been exhausted. 6.3.7 Registered Providers must notify their contract manager of recycled grant which is spent outside the area in which it originated. Registered Providers should not make a payment in advance of receipt of the invoice. The Seed Sourcing Grant (SSG) is now open for applications. Homes England will then raise an invoice, stating the terms and schedule for payment. Applications must be written in English, using the forms available at the Seed Sourcing Grant Application Form Page (without alterations to layout or format), and submitted by 23:55 on 17 July 2023. 5.2.3 Where Registered Providers opt to maintain a fund they will be required to calculate the amount of recoverable grant to be credited to the fund as per section 3 above. Grant to be recovered from staircasing: 11% of 45,000 remaining grant (= 5,000). BETAThis is a new service your feedback will help us to improve it. : Whilst there is balance of 50,000 there is no three year old grant as the 50,000 balance was from the 2016/17 deposit. In cases where there are no Right to Buy surpluses or insufficient surpluses, grant will be paid on any remaining deficit arising on repairs (not improvements) after the association has met the first 250 per unit and 10% of the remainder up to a combined limit of 500 per unit. 7.3.5 Having reviewed the annual returns Homes England will also consider requiring repayment of three-year-old grant as per section 5 and will invoice Registered Providers accordingly. For the avoidance of doubt property is defined in the recovery of capital grants from registered providers general determination 2017 as including dwellings, hostels (note that this is not intended to be permanent accommodation), supported housing, temporary social housing or traveller pitches funded by capital grant. 3.4.4.60 Where the Right to Shared Ownership is exercised on a home originally funded as either Affordable Rent or Social Rent providers will be required to recover grant at the point of initial sale. Grant will be payable on a per unit basis. Didn't get SEOG grant despite getting it the past 3 years 6.5.9 For any form of equity repurchase, the Registered Provider should ensure that any offer is acceptable to both the shared owners mortgage company, and its own lender. Please refer to annex A of the SOAHP 2016 to 2021 Prospectus which details Homes Englands minimum geographies and local authorities contained within each of the minimum geographies. open market sale, Right to Buy, voluntary sale on Shared Ownership terms etc. For many organisations in the public sector, one of those blocks is the grant block. 4.2.1 For Shared Ownership schemes approved on or after 1 April 1993, grant is apportioned according to the market values of the dwellings at practical completion of the scheme. 3.4.4.20 If the net sale receipt is insufficient to enable the full recovery of the attributable grant, then recovery of the shortfall must be deferred until the next sale of further shares (staircasing). Affordable Rent provided through Lease and Repair Empty Homes, and the historical products; Temporary Social Housing, Temporary Market Rent Housing, Short Life and HAMA PLUS, enabled certain properties to provide a limited life for social housing use. New property is built on the site with a total grant required of 20,000.
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