- 5th July 2023
Changes to Affordable Homes funding boost estate regeneration
Homes England, the government’s housing and regeneration agency, has announced that grant funding from the Government’s current Affordable Homes Programme can now also be used to finance the replacement of outdated homes.
This change allows the housing and regeneration agency to support its partners in replacing unfit housing with a larger number of high-quality, energy-efficient affordable homes as part of wider estate regeneration plans.
In her statement for the announcement, Housing Minister Rachel Maclean emphasised that the new funding will accelerate the regeneration of social housing and contribute to the overall development of communities. She highlighted the importance of improving the quality and supply of social housing to meet the country’s affordable housing needs, and promised to “… continue to work with Homes England and developers to get delivering through this scheme as quickly as possible.”
Meanwhile, Chief Executive of Homes England Peter Denton, confirmed, “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.” He encouraged all affordable housing providers and local authorities to engage with the agency as soon as possible to access support and funding for their proposals.
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This decision forms part of the government’s commitment to its ‘Levelling Up’ programme, and also aligns with Homes England’s 5-year strategic plan, announced in May, which promises to drive regeneration and delivery to create high-quality homes and thriving communities across the country.
Funding decisions will be made regularly until March 2025, and projects must start on site by that date and comply with the Affordable Homes Programme’s timelines.
Do you represent a local authority or housing provider? To discuss what this means for you and your resourcing strategy, contact us via the button below. For more information and to apply for funding, you can visit the Homes England’s website here, or contact them at email@example.com.