The Housing Finance Corporation has unveiled a £550m funding pledge to support affordable housing development across Wales, Scotland and Northern Ireland.
The cash will be provided to housing associations across the nations via three ringfenced funding programmes, comprising £250m for Wales, £200m for Scotland and £100m for Northern Ireland.
Housing associations can also use the money to fund retrofitting and remediation works in their existing portfolios.
The initiative is part of the organisation’s wider strategy to expand its multi-programme funding and increase its support for housing associations across the UK.
David Bridgen, senior commercial director at The Housing Finance Corporation, said the cash would address the affordable housing supply-demand imbalance across the three nations.
“Housing associations are working hard to meet that challenge, but rising costs and competing investment pressures mean additional funding is needed to unlock viable schemes,” he added.
“By creating dedicated funding capacity, we want to give partners the clarity and confidence they need to plan ahead, accelerate development pipelines and deliver more affordable homes for the communities that need them most.”
Further announcements on the programme’s deployment and local partnerships will be made in due course, The Housing Finance Corporation said.
Meanwhile, earlier this year, Homes England opened bidding for funding from the government’s £39bn Social and Affordable Housing Programme.
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