Thank you for writing to me about affordable housing and the Budget.
Affordable housing investment is vital for our area, and I was very pleased to see the Chancellor confirm a new, multi-year affordable housing settlement of £12bn. This will be the largest cash investment in affordable housing in a decade.
The Chancellor also committed to a cut in interest rates on lending for social housing by one percentage point, making available more than £1bn of discounted loans for local infrastructure and consulting on the future of the Public Works Loan Board.
I also welcome the confirmation that close to £1.1bn of allocations from the Housing Infrastructure Fund will be made available to build nearly 70,000 new homes in high-demand areas across the country, including funds to build on brownfield sites.
