The funding provided through the Government’s Affordable Homes Programme 2021-26 can now be used to fund replacement homes alongside new affordable homes, Homes England has announced.
The change has been agreed with the Department for Levelling Up, Housing and Communities, and Homes England described the move as part of the effort to bolster the affordable housing sector.
Peter Denton, chief executive of Homes England, said: ‘The affordable housing sector has always had to balance the investment it makes in existing homes with the investment in makes in building new homes. Over the past year, increasing financial pressures have made achieving that balance even more difficult to manage.
‘This change is something the sector has been calling for, and with it there is a real opportunity to accelerate the regeneration of social housing and help level up communities across the country.’
He added: ‘We’ll be working quickly to make this funding available to ensure partners can get the maximum benefit from this change, and are ready to use all of the tools, capacity and capability we have available to us to support delivery. We encourage all affordable housing providers and local authorities to come and talk to us as early as possible if they need support to develop their proposals – we’re here to help.’
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