Government injects £8.6bn for affordable housing
The government has allocated £8.6bn for affordable housing over the next five years to deliver around 119,000 homes
The Affordable Homes Programme funding will deliver around 119,000 homes, including 57,000 for ownership, 29,600 for social rent and 6,250 affordable rural homes.
The funding injection could support up to 370,000 jobs across the country for homebuilders, SME developers, and wider businesses supporting the housebuilding industry such as electricians and plumbers.
Housing secretary Robert Jenrick, said: “Creating more opportunities for homeownership is central to this government. This £9bn funding is a landmark moment for our Affordable Homes Programme and will ensure good quality housing for all as we build back better after the pandemic.
“This huge funding package will make the ambition of owning a home a reality for families by making it realistic and affordable.
“We are also ensuring tens of thousands of new homes for rent are built in the years ahead, including social rent, so those on the lowest incomes can enjoy good quality, secure rented homes, built and managed by reputable providers.”
The funding allocations are taken from the £11.5bn Affordable Housing Programme which will deliver up to 180,000 new affordable homes should economic conditions allow.
Nearly £5.2bn of the package will be delivered outside London by Homes England. The Greater London Authority (GLA) will deliver homes within London.
90 new partnerships – made up of councils, housing associations and private providers – successfully bid for their share of programme funding.
CEO of Homes England, Peter Denton, commented: “Not only does today’s announcement give our new Strategic Partners the funding, flexibility, and confidence they need to build much needed affordable homes across the country, it also establishes a large network of organisations looking to share their skills and capabilities to expand the affordable housing sector and transform communities.
“By forming Strategic Partnerships with a wide range of public and private organisations, we are creating the conditions needed for institutional investment to catalyse affordable housing supply and in future give local authorities more of the tools they need to plan and act strategically, shaping their communities and building new homes.”
Rhys Moore, executive director of public impact at National Housing Federation, added: “We welcome the announcement of the new strategic partners and are looking forward to supporting our housing association members, Homes England and the GLA to deliver the much needed affordable homes the country needs, including thousands of new homes for social rent for people on the lowest incomes.
“Importantly, this long-term certainty over funding will unlock additional opportunities which will enable housing associations to deliver even more homes.”
Source: pbc today