Social rented housing expenditure

What is it?

We are bringing forward £400m of expenditure on social rented housing from 2010/11 to 2008/10 to give greater flexibility for the Housing Corporation to achieve continued delivery of new housing schemes.

Why are we doing it?

This is part of our response package to current conditions and long-term challenges facing the housing market.

We recognise the impacts that current market conditions are having on housing providers' ability to deliver new affordable housing schemes within current efficiency targets due to the slow down in delivery of affordable housing through developer contributions (S106 schemes) and reductions in the proceeds from low cost home ownership sales.

How is it going to work?

The Housing Corporation has been given limited flexibility to the efficiency targets that they are working within to achieve continued delivery of new housing schemes. Scheme bidding will continue to be undertaken within the Corporation's competitive framework and this will continue to be a strong driver of value for money, with those bids which meet the Housing Corporation's assessment criteria and offering best value for money being prioritised for funding.

Who will it help (and how many)?

By bringing forward expenditure we estimate that up to 5,500 new homes could be delivered above current forecasts. We will be able to offer permanent homes to families in need as early as possible.