What is Housing Market Renewal?
Housing Market Renewal (HMR) was a major funding package established in 2003 by Central Government. HMR was expected to be a 15 year regeneration programme.
This funding came to an end earlier than expected after the Comprehensive Spending Review in October 2010 announced that the funding was to end on 31 March 2011.
It was a once-in-a-lifetime opportunity to make lasting improvements to the quality of life for communities in areas suffering from housing market failure. These are areas which have:
- High levels of empty properties.
- High levels of private rented properties.
- Large numbers of unfit houses.
Housing market failure is a key feature in the spiral of decline which can lead to social exclusion, lack of community cohesion, poor health and low educational achievement.
The HMR programme focused on creating sustainable communities by improving the quality and diversity of the local housing stock, the environment, the economy and people’s access to services.
This funding came to an end after the comprehensive spending review in 2010 and the funding ended on 31 March 2011.