A strategic partnership between Homes England and eight housing associations has been announced, the first wave of which will reportedly deliver 14,280 new affordable homes by March 2022.
The eight partners have signed up to deliver more than 23,500 additional homes across all tenures, including for market sale.
In total, Homes England has said it will provide a funding package of just under £590m through to March 2022 to support the first wave of strategic with the eight associations: Great Places, Home Group, Hyde, L&Q, Matrix Partnership, Places for People, and Sovereign / Liverty.
The housing associations have all committed to significant increases in their development programmes, in exchange for an additional year’s funding beyond the current spending review settlement, as well as the ability to use their funding flexibly across their development programme in response to the ebb and flow of progress on individual sites. They will also be able to respond to local markets by determining the tenure of affordable homes as they near completion on individual sites, by managing the overall tenure balance through the oversight of a Strategic Partnership Board with Homes England.
Secretary of State for Housing, Communities and Local Government, James Brokenshire commented on the announcement: “There is no mission more urgent than making our housing market work, and we are investing £9bn in building affordable homes.
“This £590m fund we are giving Homes England will help housing associations accelerate the delivery of affordable properties communities need.”