Some £8.6bn of funding is being allocated across the country today (31st August) as part of the £11.5bn Affordable Homes Programme.
It will deliver 119,000 homes, including 57,000 for ownership, 29,600 for social rent, and 6,250 affordable rural homes.
Nearly £5.2bn of the funding package will be delivered outside London by Homes England, while The Greater London Authority will deliver homes within London.
It expects to support up to 370,000 jobs for homebuilders, SME developers and wider businesses supporting the housebuilding industry, such as electricians and plumbers, which could generate circa £26bn of other private and public investment.
Housing secretary, Robert Jenrick, said: “Creating more opportunities for home ownership is central to this government.
This £9bn funding is a landmark moment for our Affordable Homes Programme and will ensure good quality housing for all as we build back better after the pandemic.
“This huge funding package will make the ambition of owning a home a reality for families by making it realistic and affordable.
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“We are also ensuring tens of thousands of new homes for rent are built in the years ahead, including social rent, so those on the lowest incomes can enjoy good quality, secure rented homes — built and managed by reputable providers.”
The Affordable Housing Programme aims to create up to 180,000 new affordable homes.
Since 2010, the government has delivered over 542,400 new affordable homes.
Peter Denton, CEO at Homes England, commented: “Not only does today’s announcement give our new strategic partners the funding, flexibility and confidence they need to build much needed affordable homes across the country, it also establishes a large network of organisations looking to share their skills and capabilities to expand the affordable housing sector and transform communities.
“By forming strategic partnerships with a wide range of public and private organisations, we are creating the conditions needed for institutional investment to catalyse affordable housing supply and, in future, give local authorities more of the tools they need to plan and act strategically, shaping their communities and building new homes.”