£7bn affordable housing fund opens for bids
A £7bn FUND to deliver affordable housing has opened for bids.
The funding, which includes £4.7bn in grants announced in April 2016 and £1.4bn included in the Autumn Statement to deliver 40,000 affordable properties by 2021, is available to local authorities, housing associations and private developers in England.
Communities secretary Sajid Javid said the fund is part of a "dramatic expansion" of the Government's affordable housing programme that will support a greater variety of tenures, including shared ownership, Rent to Buy and affordable rent, to give providers the flexibility to deliver the right mix for local needs.
The Government has also announced the successful bidders for £1.28bn in affordable housing grants, which includes multimillion pound allocations for councils in Newcastle, Stoke-on-Trent, Rotherham and Lincoln.
"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," Javid said.
"By encouraging the delivery of more homes under a variety of tenures, we can create a housing market which truly works for everyone, meeting the diverse housing needs of this country."