Mark Prisk Announces New Affordable Housing Fund
The Department for Communities and Local Government has announced a new Government initiative, an affordable housing fund, which will see up to 15,000 homes for affordable housing being developed.
As part of the plans, providers of affordable housing in the UK will be able to bid for a share of up to £225 million, subject to meeting the bidding criteria.
The Affordable Housing Fund and the New Affordable Homes Programme
The new initiative is based on the existing Affordable Homes Programme and will operate alongside the Government’s Affordable Housing Guarantee, which provides a pledge to underwrite debt for lenders on eligible housing projects.
The House Crowd hopes the new Affordable Housing Fund initiative will unlock private finance and help to get spades in the ground and workers on site. However, once again, we must question why the huge numbers of empty homes across the UK are being overlooked in favour of a new build solution?
As we know all too well, the UK needs to produce significantly more new homes every year to meet the growing demand. New builds are, of course, a key part of this, and this new Affordable Housing Fund will help. However, developing existing empty homes will not only boost the property market and economy, but make a dent in the number of new homes required.
That’s why we at The House Crowd believe so passionately in what we do. We want to build a better property market in the UK, and we know property crowdfunding is a crucial part of the solution.
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