£2 Billion set aside for funding Housing Associations

With the aim of giving housing associations the ‘long-term certainty’ they need to have a ‘central role’ in assisting with the housing crisis, Theresa May has announced that there will be £2 billion in funding.

May vowed at the National Housing Federation Summit to work alongside housing associations to get more people on the housing ladder, and to ensure those who can’t afford to own have somewhere they can call home.

There have already been numerous measures to support housing associations announced by the government. This includes not extending the local housing cap to the social sector.

May said:

“You said that if you were going to take a serious role in not just managing but building the homes this country needs, you had to have the stability provided by long-term funding deals.”

May continued to announce that 8 housing associations have been given deals worth £600 million, and that new longer-term partnerships will be available to:

“the most ambitious housing associations through a ground breaking £2 billion initiative.

Under the scheme, associations will be able to apply for funding stretching as far ahead as 2028/29 – the first time any government has offered housing associations such long-term certainty.

Doing so will give you the stability you need to get tens of thousands of affordable and social homes built where they are needed most, and make it easier for you to leverage the private finance you need to build many more.”

Including connections with local communities and expertise and property managers, May requested housing associations to use their “unique qualities”:

“to achieve things neither private developers nor local authorities are capable of doing.

Rather than simply acquiring a proportion of the properties commercial developers build, I want to see housing associations taking on and leading major developments themselves. Because creating the kind of large-scale, high-quality developments this country needs requires a special kind of leadership – leadership you are uniquely well-placed to provide.”

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