Housing providers can now apply for a share of the multi-billion fund, which was allocated an additional £1.4 billion at the Autumn Statement to develop 40,000 new 'affordable' housing starts.
Overall, the investment will support the delivery of:
• Shared Ownership homes; providing a route into home ownership for those struggling with affordability.
• Rent to Buy homes; helping first time buyers to save for a deposit to buy their home whilst they rent at discounted rates.
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• More Affordable Rent homes; supporting those who rent in the private rental sector to be able to afford market rents.
Speaking today, 05 January, Communities Secretary Sajid Javid said the Government is "committed to increasing housing supply and halting the decline in affordability".
"Our newly expanded affordable housing programme, turbo-charged by a multi-billion pound investment, will allow housing associations to build more homes in places where they are most needed, particularly for families who are just about managing," he said.
Homes and Communities Agency Chairman, Sir Ed Lister, added: "The HCA is leading the government's drive to increase the scale and pace of delivery of housebuilding. The expanded affordable housing programme will help us continue to work with both housing associations and developers new to this area of the housing market to increase the availability of affordable homes."
(LM)
