£2 billion boost for affordable housing in UK
Funding for affordable homes will be increased by a further £2 billion to more than £9 billion.
The numbers of homes will be determined on type and location of housing, and bids received for funding.
With a typical £80,000 subsidy, this £2 billion investment can supply around 25,000 more homes at rents affordable for local people.
Ministers also confirmed plans to create a stable financial environment by setting a long term rent deal for councils and housing associations in England from 2020.
The funding will further support councils and housing associations in areas of acute affordability pressure, and where working families are struggling with the costs of rent and some are at risk of homelessness.
This complements recent announcements on supporting tenants in the private rented sector and on extending Help to Buy.
The government’s Affordable Homes Programme will increase from £7.1 billion of public funding to £9.1 billion, and the £2 billion additional funding for affordable housing could lever in total investment by housing associations and councils of up to £5 billion.
Since April 2010, around 333,000 affordable homes have been delivered, including 240,000 for rent.
More than twice as much council housing has been built since 2010 than in the previous 13 years. ■