Approximately half of the new homes to be constructed this year and next will be directly funded by the Homes and Communities Agency (HCA).
The agency’s Corporate Plan for April 2009 to March 2011 shows how it will use £6.75 billion of its budget to fund the construction of 117,000 new homes, the vast majority of which will be for affordable homes to rent or buy.
The Corporate Plan also outlines plans to unlock thousands more new homes by this funding. Overall, the HCA has £13.6 billion to spend on wider regeneration and growth activities.
The HCA has also vowed to focus on delivery of new home builds by using innovative approaches such as the Public Land Initiative, new models of investment and private rental activity.
Sir Bob Kerslake, HCA’s chief executive, commented: “This plan sets out our stall for the next two years. We will continue to put a premium on new and affordable homes, but we are about building communities as well so regeneration, improving existing stock and promoting sustainability will also be critically important.
“We will continue to be creative in identifying new forms of funding and new opportunities for delivery. Despite the continued challenging market conditions and tightening public finances, we are determined to deliver on our targets.”
The affordable housing budget element of the report shows that close to 43,000 affordable homes will be made available for sale through HomeBuy, while a further 63,000 new homes will be accessible through social rent.
Funding to the tune of around £350 million will also be made available to local councils to build new home builds for social rent.
See Also: Property News (6680)
Date Published: 01 October 2009
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