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HCA reveals £886m affordable housing funds

The Homes and Communities Agency has set out plans for £886m in affordable homes funding for 160 providers across England.

A total of 43,821 new affordable homes will be delivered across 2,697 schemes under the HCA’s 2015-18 Affordable Homes Programme, following a competitive bidding process for £1.7bn of funding.

The funding comprises just over half of the total funding available. The remaining funding will be made available for providers to bid into the HCA to allow housing providers further opportunities to work up schemes for future delivery during the 2015-18 period.

This will include specialist, supported or rural housing, which can often require a longer lead time.

HCA chief executive Andy Rose said: “We have set in place a solid delivery programme that will ensure a smooth transition from our current Affordable Homes Programme, and that delivery can start promptly.

“The allocations announced today are closely aligned with locally identified priorities and offer value for money and increased certainty of delivery, with over 75 per cent of the homes we are funding on firm schemes.

“Just over half of the available funding has been allocated. The remaining funding will be allocated on a Continuous Market Engagement basis, giving even more partners time to work up deliverable bids to meet local needs and their future development aspirations.”

Housing minister Brandon Lewis said: “Housebuilding is an essential part of this government’s long-term economic plan. That’s why we have designed an ambitious new scheme to build affordable homes at the fastest rate for 20 years, which will support 165,000 jobs in construction and sustain thousands of small businesses.

“Our programme will use the latest construction technology to deliver high-quality homes, helping to transform the way we build in Britain, and providing homes where future generations will want to live and raise families of their own.”

The HCA Operating Area breakdown of the proposed programme is as follows:

 

 HCA Operating AreaFundingGrant-funded unitsNil grant units
East and South East£154.8m6,6942,950
Midlands£226.6m10,0241,521
North East, Yorkshire and The Humber£205.1m8,484352
North West£177.5m7,805255
South and South West£122m4,6781,058
Grand Total£886m37,6856,136

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