Again, it’s a no. The States doesn’t ‘give’ us money. In order to provide new homes, we need access to the best interest rates possible on long-term borrowing, and historically that borrowing has been from the States Bond – the decision to borrow from the bond was a purely commercial one – and like any other loan, it is repaid, both capital and interest. Being able to borrow from the States at a competitive interest rate really helped with provision of new homes and we’re grateful for that – but we owe it to our tenants to make sure we get the best rates possible on any new borrowing. After all, part of their rent, which stays below market rent levels, enables us to repay our loans.
Affordable Housing Capital Grant is a government lever to provide a public good for its citizens, in this case, islanders in housing need who can’t afford to rent or buy in the private market. Delivering below-market rent homes but with the same costs and overheads as commercial developers doesn’t work without some subsidy from that Government grant pot – that’s how social housing works – it is not a ‘gift’ to us, it is the government helping islanders to access homes at below market rents.