Government plan to offer cheap lending for housing for older people
- 17 Oct
Around £170m will be offered by the government in cheap equity loans to housing associations and developers to encourage the building of private retirement and supported housing.
The government has yet to release details of ‘Phase two' of the Department of Health's (DoH) £300m care and support specialised housing fund but Inside Housing understands it will take the form of low-cost loans or equity stakes on terms similar to the government's Build to Rent fund.
Landlords will be able to access around £170m in DoH funding in the programme's second phase.
The first phases involved grant funding for specialist affordable housing, however the second phase will see housing associations and developers being offered loans to make schemes viable.
A report by think tank Demos, published last October, warned that the ‘chronic undersupply' of housing for older people was the ‘UK's next housing crisis'.
Kevin Beirne, director of housing, care and support at 15,000-home One Housing Group, said: "If cheap government borrowing is available, it makes it a much more attractive boost [than traditional commercial lending]."
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