UK to invest £2b in affordable housing
BRITAIN'S government will invest £2 billion (S$3.56 billion) to address an affordable housing shortage, Prime Minister Theresa May said. House-building has been a stated priority as the government tries to answer voter concerns about a lack of affordable housing in many areas following decades when house prices have risen much faster than incomes. The government will provide the funding for housing associations, not-for-profit organisations which provide the bulk of affordable homes in the United Kingdom. The new funding will be allocated over a period of up to 10 years, far longer than the three or four years that has been common. The National Housing Federation has welcomed the changes. "For years, the way that money was allocated meant housing associations couldn't be sure of long-term funding to build much-needed affordable housing," said David Orr, its chief executive.
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