May's €2bn pledge for new affordable homes

By Jon Craig, chief political correspondent and Alan McGuinness, political reporter
Theresa May has pledged a ?2bn handout to housing associations in a bid to provide tens of thousands of new affordable homes.
Claiming it is her personal mission to get more people on the housing ladder, the prime minister promised long-term funding for housing associations.In a speech at a National Housing Federation summit, Mrs May said housing associations have a central role to play in building homes and challenging attitudes about social housing."You said that if you were going to take a serious role in not just managing but building the homes this country needs, you had to have the stability provided by long-term funding deals," she said."Well, eight housing associations have already been given such deals, worth almost €600m and paving the way for almost 15,000 new affordable homes."And today, I can announce that new longer-term partnerships will be opened up to the most ambitious housing associations through a ground-breaking €2bn initiative."Under the scheme, associations will be able to apply for funding stretching as far ahead as 2028/29 - the first time any government has offered housing associations such long-term certainty."Doing so will give you the stability you need to get tens of thousands of affordable and social homes built where they are needed most, and make it easier for you to leverage the private finance you need to build many more."
May's €2bn pledge for new affordable homes

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The €2bn programme will be available from 2022, Mrs May said.Housing Secretary James Brokenshire told Sky News there had been "under-investment" in housing over many decades and it "very firmly remains the intent" of the government to build 300,000 homes a year."The €2bn will deliver around 40,000 homes, that's the indicative number we are basing on, clearly there are certain variables," he said."But it's also what that means on unlocking existing sites, unlocking additional private capital to sit alongside all of this.
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