Ravelin Housing Ltd (RHL) is a wholly-owned development company setup by Portsmouth City Council (PCC) to deliver both private and affordable housing for sale and for rent. Its purpose is to:
- Deliver housing aligned with the economic needs of the city using a commercial and financially sustainable approach.
- Deliver projects with outcomes that are aligned with the new city vision and the council’s corporate objectives.
- Target the construction of 1,000 residential units (multi-tenure) for sale and rent over the next 10 years, starting in 2022.
- Help address the failings in the traditional housing market in Portsmouth that has underperformed for a number of years. RHL will act as a vehicle to disrupt and ultimately speed up the recovery of these broken markets.
- Complement and enable, not to compete with, private sector developers in the city, at a time where there is a regeneration opportunity and clear evidence of market failure.
- Apply a flexible approach when bringing homes to the market where the market has failed; adapting its delivery strategy to unlock sites while maximising dividends and social value for the shareholder.
- Return any surplus income to the shareholder (PCC via RGL) or recycle the income to support the delivery of additional housing.