£500M BOOST FOR AFFORDABLE HOMES

22 February 2010Housing Minister John Healey today (Tuesday) announces a boost to house-building in England. Nearly £500 million funding will support building around 8,000 affordable homes across the country.  This takes total Government funding for house-building to over £3.3 billion since June 2009.

Every region of the country is benefiting from this extra cash. In the West Midlands a further £15 million for much-needed affordable homes for sale and rent has been announced.

Stafford’s Labour MP David Kidney says this initiative is essential:

“There is a pressing need for more affordable homes for first-time buyers and for families and a house-building stimulus will also help our construction industry to get back to work after the recession.

“Over 3,000 of these new homes are expected to be available through the Government’s “HomeBuy” scheme, offering first time buyers a helping hand onto the property ladder. Around 5,000 homes will be available for affordable rent through housing associations. 

“I see that Stafford Borough Council is to receive a modest grant of £124,000 for two properties under the Low-cost Home Ownership scheme. I am sure that the council will want to contribute additional affordable homes, for example from the “Section 106” money that the council holds.”

The £3.3billion Government funding approved since June will provide nearly 60,000 new homes.  As well as going to housing associations, this cash has been used to help developers to kick-start their stalled projects and get house-building back on track, and to fund the largest council house-building programme for two decades.