Affordable new homes go-ahead in Lancashire

DEAL: Kris Hopkins

DEAL: Kris Hopkins

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Hundreds of affordable new homes are to be built in Lancashire under a multi-million pound deal announced by Housing Minister Kris Hopkins.

A total of 13 housing associations will receive a share of £208m in loans to help deliver 4,800 new affordable homes.

Adactus and Great Places are two of the housing associations who will share the pot.

In Lancashire there will be 361 affordable homes built.

These include 89 in Clitheroe, 51 in Preston, 37 in Lancaster, 28 in Whalley, 27 in Blackpool, 15 in Ribchester and 12 in Longridge.

A total of 871 houses will be built in the North West, with Allerdale, Southport and Greater Manchester also benefitting.

The agreement forms part of the Affordable Housing Guarantees Scheme, delivered by Affordable Housing Finance, part of The Housing Finance Corporation.

Through the scheme the government uses its economic record to guarantee and unlock up to £3.5bn of cheaper debt for Affordable Housing Finance.

They say this enables them to lend this on to housing associations to build new homes to rent for families in need.

A total of 13 housing associations will have access to this new funding.

Housing Minister Kris Hopkins said: “Since 2010 we’ve delivered 170,000 new affordable homes – but we want to go further.

“Today’s deal means thousands of new affordable homes will be built in communities from Glasgow to Truro, for families in real need.”

Since its launch in 2013, eight housing associations have been approved to receive funding through the Affordable Housing Guarantees Scheme.

Mr Hopkins announced a further eight housing associations that will receive funds through the scheme.