HCA unveils first 45 projects for private rent fund

The Homes and Communities Agency has announced the detail of the first 45 projects that will be taken forward through its £1bn Build to Rent Fund (BRF), which could realise as many as 10,000 new homes for private rent.

The BRF is designed to help developers invest in homes built specifically for private rent by reducing the up-front risk in a relatively untested market. 

The HCA said the projects going forward have the potential, subject to due diligence, to deliver between 8,000 and 10,000 homes. Of the 45 projects to be given the green light a quarter are in London.

The BRF was initially set at £200m but was increased to £1bn in the Budget last month.

The HCA said the first round of 45 projects would now proceed to a competitive clarification and due diligence process, to receive a share of £700m, with a second round of bids for the remaining Fund expected to open later this year.

Richard Hill, HCA deputy chief executive, said the BRF was “a fantastic opportunity to bring about a step change in the way we meet the growing demand for rented homes in this country”.

“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,” he said.

The HCA also confirmed the full membership of the expert Private Rented Sector Taskforce, headed by Andrew Stanford, which will work with bidders to support them in refining proposals for viable future investment.

The panel includes: