£500M affordable homes funding boost

The government has announced £500M in funding to develop more than 11,000 much-needed affordable properties across the country.

The funding boost, which will help the government towards its target of building 300,000 properties a year by the mid 2020s, was announced at the London First Building Summit.

By creating new strategic partnerships with Homes England, successful housing associations will have the freedom to spend the money on the developments where it can have the biggest impact.

In addition, a £9M funding deal has been agreed with Apex Airspace Developments which will see homes built on London rooftops. The first of the first of these homes will be completed by teh summer, with some 78 rooftop properties planned under the three year deal.

The properties – which will be built on five sites across the capital – are largely constructed off site before being winched on top of buildings, minimising disruption to residents. The revised planning rulebook encourages authorities to promote the use the airspace above existing residential and commercial premises for new homes.

Communities Secretary Rt Hon James Brokenshire MP said: “By providing targeted investment in affordable homes, and funding innovative projects to build rooftop properties, we are making our housing market work for everyone.

“Our £500M funding boost for housing associations will help them build thousands of extra affordable homes – including properties for social rent.

“These measures are all part of our plans to deliver 300,000 homes a year by the mid-2020s.”

Homes England Chairman, Sir Edward Lister said: “I welcome the new strategic partners who share our ambition to build better homes faster.

“Our new ways of working with the sector means that housing associations can use their funding flexibly across their development programmes and respond quickly to local housing demand and a changing market.”

The rooftop properties will be built in Tooting, Wanstead, Walthamstow, Putney and Wallington.

The Housing Associations to benefit from the funding – in the third wave of strategic partnerships – are: Bromford, Curo & Swan, Liverpool Mutual Homes & Torus, Longhurst & Nottingham Community Housing Association, Together, Walsall Housing Group, Yorkshire and Your Housing Group.

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