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National Housing Bank to accelerate delivery of new homes

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The government has launched the National Housing Bank (NHB) – a subsidiary of Homes England in partnership with Aviva – as part of “a once-in-a-generation investment offer to accelerate delivery of new homes and mixed-use schemes” whilst also enabling the regeneration of towns and cities across England.

Homes England have also published a prospectus setting out how the NHB will offer debt finance, equity and loan guarantees, with capital investment up to £16 billion to stimulate growth alongside the agency’s other levers for inward investment.

And, following recommendations by the Older People’s Housing Taskforce, included in the prospectus is reference to the later living sector. It specifically states:

This remains under-developed in the UK compared to other mature economies and has the potential to make a significant contribution to the housing supply challenge. We can support this through:

  • project-level senior and mezzanine debt to bring forward key strategic projects and leverage external capital

  • equity investment – including joint ventures and lending platforms to help grow the sector

  • tailored financial solutions.

The prospectus also reiterates Homes England’s commitment to grant fund specialist and supported housing designed to meet the needs of older people, disabled people and vulnerable households under its Social and Affordable Housing Programme, as highlighted by Ian Workman’s keynote presentation at the Housing LIN’s annual conference in Bristol this March. 

And, in addition to affordable rents, it sets out some ownership pathways (for example, products tailored for specific needs) including:

  • Home Ownership for People with Long-Term Disabilities (HOLD) – shared ownership which helps people with a long-term disability buy a home that meets their specific needs

  • Older Persons Shared Ownership (OPSO) – shared ownership often with specific design features

Lastly, there is also reference in the prospectus to funding place-based solutions and testing out and learning from new and innovative approaches. 

Commenting on the announcement, the Housing LIN's CEO, Jeremy Porteus, stated:

“I very much welcome the establishment of the National Housing Bank and the portfolio of investment streams. Homes England now has at its disposal to build the variety of homes and communities we need. However, it is not just a numbers game, we must ensure that they are age-friendly, accessible and intergenerational.

And with SHAPE in mind, this presents an opportunity to support and partner larger-scale developments where localities are seeking to make a qualitative difference by deploying the HAPPI and TAPPI principles. We look forward to engaging with Homes England on this.”

If you found any of the above of interest, check out the Housing LIN’s pages on capital funding for specialist and supported housing here.