Secretary of State for Communities, The Rt Hon James Brokenshire MP, has confirmed a massive funding boost for social housing across the country.
Over £1bn has been secured in the social housing deal, which will deliver 23,000 affordable homes across the UK through a new generation of council housing. The funding is aimed at helping solve the housing crisis and provide the country with the homes communities need.
Some £1.67bn will be invested in providing more than 23,000 new affordable homes, including at least 12,500 social rent homes in high cost areas in a move to support families struggling to pay their rent.
The funding comes as part of the government’s £9bn investment in affordable homes, with £1.67bn allocated to London in March 2018 this latest funding will deliver homes across the rest of the country.
The new generation of council housing was signaled by Mr Brokenshire inviting local authorities to bid for a share of the extra funding to build much-needed homes. This £1bn borrowing cap raise will be split equally between London and the rest of England. Local authorities have requested this extra financial flexibility, which will be allocated to those in areas with the highest affordability pressures to ensure homes are built where they are needed most.
The Rt. Hon James Brokenshire MP, Secretary of State for Communities, said: “The government has ambitious plans to fix the broken housing market and build the homes our communities need.
“This announcement is a further milestone. It will secure the delivery of an additional 23,000 much-needed affordable homes as well as paving the way for a new generation of council houses.”
“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.”