Liverpool city region secures £700m from the Government to build thousands of new affordable homes and social housing. Tony McDonough reports
Liverpool city region has secured £700m from the Government which will help fund its plans to build 16,000 new social and affordable homes over the next decade.
And the Combined Authority will also receive £13.8m to enable 555 new homes to be built, tearing down crumbling buildings and clearing old car parks and disused industrial land to create communities on derelict, brownfield sites.
This latest cash injection, part of a £39bn programme, will add to the city region’s previous investment of £60m into brownfield sites which will see the construction of 4,000 homes.
Major funding pledged today will turbocharge social housing plans by enabling providers to get going on bids for projects, break ground sooner, and kickstart thousands of desperately needed new homes for local families.
An affordable home is one where the rent and sale price is no more than 80% of local market rates. For social housing the discount can be as much as 50%.
Metro Mayor Steve Rotheram said: “This marks the single biggest earmarked investment in housing our region has ever seen – and the largest pot of funding we’ve ever seen for social and affordable homes.
“It’s a massive vote of confidence from the government in our region’s ability to deliver. Since I was elected, we’ve built more than 32,000 homes, invested a further £60m developing brownfield sites, and retrofitted 10,000 houses.
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“We’ve built up real momentum – but now we’re ready to turbocharge our housebuilding plans. This new funding will help us go even further towards our target of building 16,000 new social and affordable homes over the next decade.”
Cllr Graham Morgan, Combined Authority Cabinet Member for Housing and Regeneration, added: “This unprecedented earmarked investment is a game-changer for Liverpool city region.
“It gives us the tools to accelerate the delivery of high-quality, affordable homes on brownfield land — turning derelict sites into thriving communities.”