Practices specialising in social housing are likely to get a boost from £220 million of funding for affordable homes outside London announced by the government
The Department for Communities and Local Government has announced the cash to help deliver almost 14,000 affordable homes.
Sixty-nine housing associations and house builders will get a share of the funding pot to help build the homes outside the capital to be completed by 2017.
Housing associations and developers who plan to use the guarantee scheme will now work with the Affordable Housing Finance to finalise the details of the loan funding that will work alongside today’s grant allocations.
Housing schemes in the Midlands will get the biggest chunk of funding, around £63million, followed by the North West with £56million, the North East, Yorkshire and Humber with £41million, the South and South West with £36m and the East and South East with £23m.
Housing Minister Mark Prisk said: ‘The funding allocations will enable organisations across the country to hit the ground running, and play their vital role in getting Britain building and delivering the homes and jobs this country needs.’
The majority of homes will be available at an affordable rent with 2,000 of those available to buy through shared ownership.
The funding is part of £450 million of Affordable Housing Guarantees which will support up to £3.5 billion in government debt guarantees to deliver thousands of new homes.
Chris Wilkie of Rees Pryer Architects said that the additional funding stream for post March 2015 had given greater certainty for a number of its RSL clients.
“Several schemes that were looking at stalling (due to delays in planning or insufficient certainty that they could be completed by March ’15) are now back on track as the clients have a much clearer idea of what the future holds,” said Wilkie.
The list of successful bids for the £225m fund is available on the Homes and Communities Agency website.