The Homes and Communities Agency (HCA) delivered some 50,000 new, affordable homes across England and hit its target to invest £3.9bn on its national housing and regeneration programme in 2008/09.

Despite the downturn the agency has been able to increase the number of completed rental and low cost home ownership (LCHO) properties as well as the number of rental starts compared with last financial year.

The preliminary end of year results outlined showed that the agency exceeded several of its output targets, including completion of rental properties, reclamation of brownfield land and creation of employment floor space.

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HCA Chief Executive Sir Bob Kerslake said that the results were a massive achievement given market conditions and the creation of the new agency. He said: "This is a tremendous result in terms of delivery and spend. We are very grateful to all our partners, RSLs, local authorities and house builders, in particular, for the part they have played in achieving this. Our ability to act flexibly and tailor make solutions with our partners has allowed us to unlock the full potential of our budget, benefiting both the industry and communities. These results give us confidence in our ability to deliver in the next financial year despite the market."

Housing Minister Iain Wright said: "The HCA has had a fantastic beginning delivering some 50,000 affordable homes in the face of severe economic challenges and is at the forefront of housing and regeneration across the country. The Agency, in a matter of months from its start, is providing real help for communities throughout England providing much needed affordable housing and at the same time stimulating the economy through its investment and rejuvenating run down neighbourhoods. As the results demonstrate it is already exceeding some of its targets."

(CD/KMcA)