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News Release from: Chartered Institute of Building [CIOB] | Subject: Funding For Affordable Housing
Edited by the Buildingtalk Editorial
Team on 17 August 2004
£3.3 Billion Funding For Affordable
Housing
Sustainable communities need quality housing and a flourishing economy supported by adequate infrastructure. So said the Government's consultative document.
Realisation of the sustainable communities policy promises an expanding workload for the domestic construction industry An indication of scale is given by the Housing Corporation's 2004 Investment Bulletin which sets out a £3.3 billion programme for funding affordable or social housing
This article was originally published on Buildingtalk on 12 Mar 2004 at 8.00am (UK)
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This is based on targets agreed with the housing boards of the nine English regions.
In the current financial year they have been allocated some £2 billion to finance affordable homes, of which around £1.4 billion will be spent in London and the South East where as Kate Barker said, housing is becoming increasingly unaffordable.
The new style housing programme demonstrates how the regional structure of administration foreshadowed by Kate Barker's report on Housing Supply is going to work.
If carried through as planned, the demand on the house building industry will grow well beyond that experienced in recent years.
When Kate Barker wrote her review, the supply of social housing was running at an annual rate of 17,000 homes.
She said it should be raised by as much as 9,000 a year and eventually by 17,000.
If the Housing Corporation's largest ever investment programme works out as planned, the industry has an opportunity of getting back to the levels of output achieved in the 1990s.
But as ever in the housing market, the key factor must be land: the evidence reaching the regional housing boards is that this element in housing economics is rising in value much faster than construction costs.
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