An additional £3bn is now available to build and improve affordable housing in England.
Now worth £6bn, the Affordable Homes Guarantee Scheme provides ‘low-cost, flexible and long-term’ loans for investment in homes for social rent, affordable rent and shared ownership.
The Department for Levelling Up, Housing and Communities has estimated that the additional £3bn, which was announced in last year’s Autumn Statement, will see 20,000 new homes built.
Housing providers can now also use the scheme to carry out building safety works, such as the removal of dangerous cladding, and for energy upgrades.
Launched in 2020, the scheme is currently helping 12 providers to deliver 6,290 new homes.
Housing minister Lee Rowley said: ‘This new round opening today will not only improve the lives of those already living in homes, but help thousands of families benefit from new, high-quality, affordable housing.’