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New Funding to build affordable homes

from "UK Landlord" magazine, May 2008

The Housing Corporation is to provide £3.3bn which will be directed at building at least 155,000 good value, high quality affordable homes between 2008 and 2011. This will almost double the number of affordable homes being built in 2006-2008, and forms part of an overall investment of £8.4bn to be allocated over the next 3 years.

More than 100,000 of these new properties will be designated for affordable rent, and more than 50,000 will be for affordable sales. The new properties will meet the Housing Corporation's higher standards for developments, as all new properties will be built according to the Government's Code for Sustainable Homes (see this article for more on the Code), saving more that 90,000 tonnes of CO2 a year.

The Housing Corporation is the national Government agency that funds new affordable housing and regulates housing associations in England. Its Chief Executive, Steve Douglas, commented: "As well as delivering the larger numbers of homes that the country needs, this will ensure we maintain our focus on raising both value and quality, creating a legacy of thriving communities where people want to live, work, and raise their
children."

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