Source · Select Committees · Housing, Communities and Local Government Committee
Recommendation 14
14
Paragraph: 91
The sector estimates that £12.8 billion a year in grant funding will be needed to...
Conclusion
The sector estimates that £12.8 billion a year in grant funding will be needed to deliver 90,000 social rent homes every year, alongside continued support for affordable rent and shared ownership. Central government grant funding is necessary because the current funding model is not delivering the numbers required to meet demand. The removal of the borrowing cap for local authorities will contribute only a small percentage of what is needed. This is around a £10 billion increase on current future funding for affordable housing.
Paragraph Reference:
91
Government Response
Acknowledged
HM Government
Acknowledged
The Government recognises the need to increase housing supply across all tenures. The Chancellor announced a £12bn investment in Affordable Housing at the Budget in March 2020, which will provide new homes up to 2025/26. The new £11.5bn Affordable Homes Programme will deliver up to 180,000 affordable homes if economic circumstances allow, and half of the homes in this new programme will be for Affordable and Social Rent, to help those in the greatest need, with 10% of delivery used to increase the supply of much needed specialist or supported housing.