£1.3Bn boost for new affordable homes

A house under construction. Photo courtesy of Shutterstock
A house under construction. Photo courtesy of Shutterstock

Homes and Communities Agency (HCA) allocations of some £1.3Bn for affordable homes are a major funding boost for the house building industry that will support 165,000 jobs in construction.

 

The HCA announced the allocations yesterday, saying that 160 housing providers across England will benefit from £886M of funding, while Mayor of London Boris Johnson also announced £404M of allocations for 54 housing providers in the capital.

 

The HCA investment will go towards the delivery of 43,821 new affordable homes across 2,697 schemes, making a significant contribution to the Government’s target of 165,000 new affordable homes by March 2018.

 

This latest funding comprises just over half of the total £1.7Bn available under the HCA’s 2015-18 Affordable Homes Programme.

 

HCA Chief Executive Andy Rose said: “The remaining funding will be allocated on a Continuous Market Engagement basis, giving even more partners time to work up deliverable bids to meet local needs and their future development aspirations.”

 

“The allocations announced are closely aligned with locally identified priorities and offer value for money and increased certainty of delivery, with over 75% of the homes we are funding on firm schemes.”

 

Boris Johnson’s latest £404M of allocations will see almost half of London’s boroughs run their own development programme with funding from City Hall, with 11 housing associations running large scale construction programmes of over 500 homes each.

 

Of the 54 providers receiving funding, Notting Hill Housing Trust have won the largest allocation with £59.3m to deliver 2,250 homes.

 

Mr Johnson said: “The only way to address the huge demand for housing and tackle the 30 year back log of under supply is to build more homes. We’ve worked closely with expert housing providers to ensure this funding will deliver much needed low cost homes across the capital.”

Please rate

Comments 

Ctrl + Enter

Most Read

What To Look Forward to in the 4th Year of AMP6 and Beyond

What To Look Forward to in the 4th Year of AMP6 and Beyond

As we move into the 4th year of the 5-year cycle of AMP6, and with AMP7 on the horizon in 2020, the UK will continue to see a shift in focus to increasing efficiency and decreasing total expenditure for companies. In recent AMP periods, the focus lied in increasing value for customers (i.e.

Congratulations to Barhale on Their Recent Award

Congratulations to Barhale on Their Recent Award

At Anglo Technical Recruitment, we pride ourselves on aligning with best and the brightest individuals and organisations. We are honoured to work with Barhale, recent recipient of the New Civil Engineer 2017 ‘Specialist Tunnelling Project of the Year’ for the Elan Valley Aqueduct (EVA)

What Does Carillion’s Collapse Mean?

What Does Carillion’s Collapse Mean?

The ever burgeoning construction job market took a major hit with the announcement of the construction giant Carillion’s liquidation. Carillion, the second largest construction firm in the UK, also provides public services, facilities management, and maintenance through contracts with small

This website uses cookies to enhance your user experience. By continuing to use this site, you consent to our use of these cookies. See our Cookie Policy.