Housing Minister Kris Hopkins has announced the release of £500 million funding to deliver up to 4,300 new affordable homes to rent.
This funding forms part of the £3.5 billion Affordable Housing Guarantees programme and has been secured through an agreement with the European Investment Bank.
Kris Hopkins said:
“Today’s deal with the European Investment Bank is a vote of confidence in our ongoing efforts to restore confidence to our housing market and get Britain building.”
“This £500 million investment will help deliver up to 4,300 new affordable homes across the country, on top of the 170,000 affordable homes we’ve already delivered since 2010.”
The Government announced its proposal to guarantee up to £10bn of housing providers’ debt as part of the Housing and Planning package on 6 September 2012.
The rules for the Housing Guarantee Schemes, clarifying their terms, and an invitation to tender for delivery of the Schemes were launched early in 2013.