Government opens bidding for £7bn affordable housing fund

 
Helen Cahill
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The money has been announced in installments (Source: Getty)

Bidding has started for housebuilders looking for a slice of a £7bn government fund for affordable housing.

As part of its commitment to get would-be homeowners on the housing ladder, the Department for Communities and Local Government (DCLG) is inviting housing associations, local authorities and other developers to apply for funding to build the homes the nation needs.

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The constituent parts of the fund were announced over a long period of time; £1.4bn was unveiled in the Autumn Statement, and a £4.7bn chunk was first revealed in April last year. The rest has come from a previous funding programme for affordable housing.

  • The £1.4bn is intended to create 40,000 new affordable homes by 2021 through housing associations and councils
  • At least 135,000 shared ownership homes are expected to be built by 2021 with the £4.7bn, as well as 10,000 rent-to-buy and 8,000 supported living homes.

Sajid Javid, communities secretary, said: "This government is committed to increasing housing supply and halting the decline in affordability.

"Our newly expanded affordable housing programme, turbo-charged by a multi-billion pound investment, will allow housing associations to build more homes in places where they are most needed, particularly for families who are just about managing."

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