£500m funding to create 4,000 affordable homes
- 08 Jan
Housing minister Kris Hopkins has revealed a deal which will see £500m extra funding be made available to build new affordable homes across the UK.
The funding will form part of the £.35bn Affordable Housing Guarantees programme. This allows housing association to use a government guarantee to secure private investment at more competitive rather than they would otherwise obtain, reports 24dash.
Kris Hopkins said: "Today's deal with the European Investment Bank is a vote of confidence in our ongoing efforts to restore confidence to our housing market and get Britain building. This £500m investment will help deliver up to 4,300 new affordable homes across the country, on top of the 170,000 affordable homes we've already delivered since 2010."
Jonathan Taylor, European Investment Bank Vice President responsible for the UK, said: "The initiative launched today will significantly enhance construction of affordable housing by housing associations across the country. The European Investment Bank recognises the importance of long-term investment in the housing sector and is pleased to work with the UK government and experienced housing partners through this new, large scale programme. Following the £500 million EIB loan formally agreed today, we look forward to further engagement with the UK housing sector in the coming months."
Richard Blakeway, London's deputy mayor for housing, land and property, said: "This new funding will help many hard working people who need, and rightly deserve, decent low cost homes. Tackling the demand for housing is a key priority and we all need to work closely together to boost affordable housing supply in London and across the UK."
Responding to the announcement, Home Group chief executive Mark Henderson, said: "We're delighted to have been selected as one of only seven housing associations in this first wave of Affordable Housing Guarantee funding. Greater access to funding at favourable rates will assist us to provide much needed homes and provide great value for money for our customers and the taxpayer. As one of the UK's largest affordable housing developers this finance will contribute to the development of 642 homes throughout England as part of our existing development programme."
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