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United Kingdom : Millions up for grabs to build affordable homes.

Hundreds of millions of pounds are up for grabs for councils to build more affordable homes in their area.

Housing Minister Kris Hopkins today (7 July 2014) confirmed that 15 councils will be able to borrow Au60 million additional funds over the next 2 years to build over 1,000 homes in their area.

But he also launched a second round of bidding to ensure councils make full use of this opportunity - especially as authorities across the country have asked for more borrowing powers and up to Au300 million in borrowing has been made available.

Housing Minister Kris Hopkins said:

Councils asked for extra borrowing powers - and we have delivered. Today, 15 authorities from across the country will get a share of Au60 million of borrowing to deliver over 1,000 affordable homes.

There s Au300 million extra borrowing up for grabs for the next 2 years. So today, I m launching a second round of bidding so more councils can make the most of this opportunity.

Council housebuilding starts are now at a 23-year high - and more council housing has been built since 2010 than in the previous 13 years. But we can go further and with these new borrowing powers available I want authorities to act, and build the affordable homes their communities want.

Building more affordable homes

Housebuilding is a key part of the government s long-term economic plan - since 2010, nearly 200,000 affordable homes have been delivered, with council housing starts at a 23-year high.

Councils have argued for more borrowing powers to deliver more affordable homes in their area - and government has delivered, with Au300 million worth of borrowing on the table for successful councils to build new homes in their communities.

Today, Mr Hopkins confirmed the first successful bids for the extra borrowing - which totals Au60 million of this.

But another Au240 million borrowing power is still available, which combined with those announced today could help to support the urgent need for new affordable homes across the country.

The minister made clear the money is up for grabs for councils who can put in bids that meet a simple criteria - ensuring taxpayers get the value for money they rightly expect.

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Publication:Mena Report
Date:Jul 8, 2014
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