From April 2021, all of our ‘affordable rent’ properties will move to social rents, which are set using the formula rent calculation. This means that our residents will still benefit from a variable service charge based on the services they have requested and agreed as part of local consultations, giving them the opportunity to influence and determine the services they receive. We will calculate rents using a regulated formula, providing more assurance over affordability as it takes property size, property value and local income levels into account.
We are writing to all of our residents during February to let them know what their rent will be from April 2021. Any rent increases will not be more than the Consumer Price Index (CPI) +1% and service charges will reflect the agreements following consultations at the end of last year. Some residents will be paying less rent than they are paying at present.
We are working through all rents previously charged to calculate where refunds are due but cannot finalise the full calculation of refunds until the financial year-end is complete so this will take some time.
We will write to all current and former residents who are due a refund between April and June 2021 to explain the situation and let them know what refund they may be entitled to. Where rents were paid by Housing Benefit, the refund will need to go to the Housing Benefits Office.
We would like to thank all of our residents for their patience during this time and apologise once again for any mistakes we have made. If you have any questions on the above please speak to your scheme manager.