The spending is part of the Affordable Homes Guarantee Scheme which provides low-cost loans to housing providers and can now be used to upgrade existing properties, such as building safety works, including the removal of dangerous cladding.
The scheme was launched in 2020 and now has a total fund of £6bn — the government claim the scheme has helped 12 providers to build 6,290 homes.
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Housing minister, Lee Rowley said: “We know getting cost-effective loans can be a stumbling block for many developers building more affordable homes or upgrading their existing stock, so it is of the quality tenants deserve.
“This new round opening today will not only improve the lives of those already living in homes, but help thousands of families benefit from new, high-quality, affordable housing.”
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