Private developers, councils, and housing associations will this week be invited to bid for their share of the government’s £12.2bn Affordable Housing Funding.
First unveiled in the Budget earlier this year, the funding includes £700m for new homes through the 2016 to 2022 programme.
An £11.5bn programme has also been announced today, which will see 180,000 new homes built between 2021 and 2026. Almost half of the houses built will be affordable housing, with the other half being discounted rent, including supported housing.
The programme will unlock a further £38 billion in public and private investment in affordable housing, with new homes being made available from next year.
Nearly £7.5bn will be delivered outside London by Homes England, up £2bn from the previous Affordable Housing Programme, reaffirming the government’s commitment to ‘levelling up’ the country. Negotiations are currently underway as to what will be delivered as part of the £4bn that has been offered to the Greater London Authority.
Housing Secretary, Robert Jenrick, commented:
“Today’s announcement represents the highest single funding commitment to affordable housing in a decade and is part of our comprehensive plans to build back better.”
Further details of the scheme will be revealed this week, when Homes England releases their Affordable Homes Programme prospectus.
Nick Walkley, Chief Executive of Homes England, said:
“The fund will support improved productivity in construction and unlock new economic opportunities across the country.”
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