en.Wedoany.com Reported - The UK Housing Finance Company has announced a £550 million funding commitment to support affordable housing development in Wales, Scotland, and Northern Ireland. This funding will be provided to housing associations in these regions through three dedicated funding programs, with Wales receiving £250 million, Scotland receiving £200 million, and Northern Ireland receiving £100 million. Housing associations can also use this funding for the retrofitting and repair works of their existing property portfolios.

The initiative forms part of the Housing Finance Company's strategy to expand its multi-program funding approach. David Bridgen, Senior Commercial Director at the Housing Finance Company, stated that the funding would address the supply-demand imbalance for affordable housing in the three regions. David Bridgen added: "Housing associations are working hard to meet this challenge, but rising costs and competing investment pressures mean that additional funding is needed to kick-start viable projects. By creating dedicated funding capacity, we aim to provide partners with the clarity and confidence they need to plan ahead, accelerate development pipelines, and deliver more homes to communities most in need of affordable housing."

The Housing Finance Company said further announcements regarding the implementation of this affordable housing program and local partnership arrangements will be made in due course. Earlier this year, Homes England had begun tendering for the government's £39 billion social and affordable housing program.

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