Applications for participation in the “Affordable Housing” program are open.

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    Private developers, councils and housing associations will this week be invited to bid for their share of £12.2 billion of public funding for affordable housing.

    The funding, first announced in the Budget earlier this year, includes £700 million for new homes as part of the 2016-2022 programme.

    An £11.5 billion program to build 180,000 new homes between 2021 and 2026 was also announced today. Almost half of the homes built will be affordable, while the other half will be at a rent discount, including supported housing.

    The program will unlock a further £38 billion of public and private investment in affordable housing, with new homes available from next year.

    Almost £7.5bn will be delivered outside of London by Homes England, £2bn more than the previous affordable housing programme, underscoring the Government’s commitment to “raise the bar” for the country. Negotiations are currently underway on what will be delivered as part of the £4billion that has been proposed to the Greater London Authority.

    Housing Minister Robert Jerrick commented:

    “Today’s announcement represents the largest single funding commitment to affordable housing in a decade and is part of our comprehensive plans to improve construction.”

    More details about the scheme will be revealed this week when Homes England publishes its affordable homes scheme prospectus.

    Nick Walkley, chief executive of Homes England, said:

    “The fund will support improved construction productivity and create new economic opportunities across the country.”

    If you are self-employed or a small to medium business owner working in the home building or construction industry, contact us today to get your Builders insurance sorted.

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