Homes England gains £1Bn for housing
Homes England has been granted an additional £1Bn in funds which is to be distributed between its 23 Strategic Partners who operate across 28 housing associations.
The funding is to be delegated during a bidding process, during which partners discuss their methods of producing the maximum amount of affordable housing possible while meeting the most recent housing construction standards.
While the bidding takes place, Homes England representatives will consider the utilisation of brownfield sites, use of SME contractor companies, partners collaboration with other housing associations, and application of Modern Methods of Construction.
Sir Edward Lister, the chairman of Homes England, stated: “The £1bn in additional grant funding will give our strategic partners more flexibility and longer-term funding certainty so that they can build the affordable homes their communities need over the next 10 years. I welcome today’s news and urge our housing association partners across England to get involved.”
If Strategic Partners are successful, it will allow them to extend existing contracts from 2024 to 2029, allowing construction of even more homes over the five-year extension.
The extra funding was announced on the 27th June by the Communities Secretary Rt Hon James Brokenshire MP at the Chartered Institute of Housing.
Joseph Daniels, founder of modular developer Project Etopia, stated: “Homes England are taking on the housing crisis with a sustained dose of horsepower. The nine-year high in its house building rate sends a clear signal that it has built up a head of steam, which is helping to propel the market and housing supply forward.
“Although the government’s overall pace of building remains roughly 10,000 homes off target, Homes England could make considerable inroads here and close this gap significantly over the next few years.”
The additional funding comes as part of Theresa May’s £2Bn affordable housing package which she announced back in September 2018.
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