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£1bn pledged for home-building

One billion pounds of public money is to be used to kick-start social-housing projects that have been put on hold because of the recession, housing minister John Healey has announced

The Government wants to see the plans of 270 housing association to build affordable homes, which might also create up to 20,000 jobs, back on track by the end of the year.

Half the money will be in the form of loans to be repaid within five years, and which housing minister John Healey has stressed should not be seen as ‘handouts’.

He says: ‘There are tough terms to this deal, and only builders who accept a realistic current market price for their homes are eligible.

‘I want to see builders back on these sites within weeks. So I will be calling on successful developers to pull out all the stops so construction can restart as quickly as possible.’

He pledged that the power of Government will be used to help Britain through the recession, and that ‘this billion-pound kick-start programme will get stalled building work back on track, create jobs and help build the quality homes we need.’

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