A £1.67bn fund will deliver 23,000 affordable homes outside London
Housing secretary James Brokenshire has announced a multi-billion pound boost to help build more social housing across the country.
Around 23,000 new affordable homes will be delivered through a £1.67bn government investment deal. This will include at least 12,500 social rent homes in high cost areas in a move to support families struggling to pay rent.
This is part of the government’s £9bn investment in affordable homes and follows £1.67bn which was committed to London in March. The latest funding will deliver homes across the rest of the country.
The housing secretary also invited local authorities to bid for a share of £1bn of extra borrowing to build council homes. This £1bn borrowing cap increase will be split equally between London and the rest of England.
These new measures are part of the government’s plans to build 1.5 million new homes by 2022 through planning reform and targeted investment.
Brokenshire said: “The majority of these new homes will be in high cost areas helping to ease the burden of rent on hard working families and delivering stronger communities.”
According to the Ministry of Housing, Communities and Local Government successful bids for the affordable homes funding will be notified throughout the year, while a list of councils who have had their borrowing caps increased will be announced in due course.