The CLG has unveiled details of its latest affordable
housing 'product'. The 'Affordable Rent to Buy' is backed by £400 million of
government funding, which will be made available from 2015 to 2017 for
organisations to pilot the new model. Part 'affordable rent', part 'right to
buy', the government believes this new type of housing will attract a wide
range of developers "as it combines an affordable rent with the
opportunity for a longer-term housing product". Local authorities and
other public bodies are, however, not allowed to bid for funding. For the
social housing purist, however, it represents the worst of both worlds - high
rent affordable housing that is likely to be sold on after seven years.
Download details from the GovUK website.
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