Housing associations get part of £1bn government funding
The first 45 projects to take advantage of a £1 billion government fund to support the provision of private sector rented homes have been announced.
A2 Dominion, Genesis Housing Association, Network Housing Group, Notting Hill Housing, Orbit Group, Plus Dane, South Yorkshire Housing Association and Together Housing Group are among the successful applicants. The housing associations will share £700 million of government funding for new private rented homes. The exact details of the funding will be announced next month.
Projects going forward in this round have the potential, subject to due diligence, to deliver between 8,000 and 10,000 homes, and include:
- Genesis Housing Association, with plans for new rental homes around London
- Place First, along with Together Housing Group, who will be building across Northern England
- Crest Nicholson, who intend to bring a significant number of homes to market over many sites across the country
Housing minister Mark Prisk said:
This government is determined to get Britain building, and the build to rent fund is set to help us deliver, with up to 10,000 new homes to be built from these projects. We’ve seen overwhelming demand for the fund, and it’s become clear that there’s a real appetite for rental investment. We want to support that, which is why we’ve made a £1 billlion budget boost to the fund. Now, these new projects will help us map this almost uncharted market, bringing in new blood to improve rental quality and choice, and building the new homes that this country wants and needs.
Richard Hill, deputy chief executive of the Homes and Communities Agency, said:
The £1 billion build to rent fund presents a fantastic opportunity to bring about a step change in the way we meet the growing demand for rented homes in this country, while the incredible initial response to the fund clearly shows that builders are ready to take up that challenge. Our role is to ensure that the right schemes are supported in the right places, allowing quality and well-managed homes to come forward quickly to meet local demand.
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