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Housing Minister offers councils £60m for new homes

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Housing Minister offers councils £60m for new homes

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Published by Max Salsbury for 24dash.com in Housing and also in Central Government, Development, Finance, Local Government

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Housing Minister Kris Hopkins has confirmed that a number of councils will be allowed to borrow millions of pounds in additional funds to build new homes.

Hopkins said that 15 councils will be allowed to borrow an extra £60 million between them over the next two years to help develop property in their respective areas.

And the MP also launched a second round of bidding for councils across the country to tap into another £240m in borrowing power.

The minister said: "Councils asked for extra borrowing powers - and we have delivered. Today, 15 authorities from across the country will get a share of £60 million of borrowing to deliver over 1,000 affordable homes.

"There’s £300 million extra borrowing up for grabs for the next 2 years. So today, I’m launching a second round of bidding so more councils can make the most of this opportunity.

"Council housebuilding starts are now at a 23-year high - and more council housing has been built since 2010 than in the previous 13 years. 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."

The 15 councils that have successfully applied for borrowing include:

  • Birmingham Council - who will now be able to borrow £10.6m to build 186 'affordable' homes.
  • Wiltshire Council - £2.7m to build 90 'affordable' homes.
  • Cheshire West and Chester Council - £7.5m to build 23 'affordable' homes.
  • Hackney Council - £2.7m to build 74 'affordable' homes.
  • Dudley Council -£6.2m to build 123 'affordable' homes.

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