Housing Minister Kris Hopkins said that 15 councils will be able to borrow funds to build over 1,000 homes in their area and he also launched a second round of bidding to ensure councils make full use of this opportunity.
‘Councils asked for extra borrowing powers and we have delivered. Now 15 authorities from across the country will get a share of £60 million of borrowing to deliver over 1,000 affordable homes,’ said Hopkins.
He pointed out that another £240 million borrowing power is still available. ‘There’s £300 million extra borrowing up for grabs for the next two years. Council house building starts are now at a 23 year high and more council housing has been built since 2010 than in the previous 13 years,’ he explained.
‘But we can go further and with these new borrowing powers available I want authorities to act, and build the affordable homes their communities want,’ he added.
He also pointed out that house building is a key part of the government’s long term economic plan.
The new money is available for councils who can put in bids that meet a simple criteria; ensuring taxpayers get the value for money they rightly expect.
The councils that have successfully applied for borrowing include: Birmingham Council seeking £10.6 million to build 186 new affordable homes, Wiltshire Council for £2.7 million to build 90 affordable homes and Cheshire West and Chester Council for £7.5 million to build 23 affordable homes.
Hackney Council has applied for £2.7 million to build 74 affordable homes and Dudley Council for £6.2 million to build 123 affordable homes.
