Housing minister launches new development fund
£200m for those building homes for private rent
The housing minister has announced a new £200 million fund to boost the construction of homes specifically for private rent.
Mark Prisk announced the new Build to Rent fund today and hopes that developers will use it to branch out into building homes for private rent.
Prisk said: “A healthy rental housing market must have a broad range of choice across the board. But for it to grow and develop, we must first attract new investors. The Build to Rent fund will support this, helping to build homes specifically for private rent and breathing new life into the sector.”
Management companies will be able to invest in the new developments, and developers will then repay the investment from government.
Mayor of London Boris Johnson added: “I welcome this funding and I will continue to make the case that investment in London’s housing infrastructure is one of the best ways to deliver much needed construction jobs and economic growth now, while at the same time laying the foundations for our economic growth for years to come. “
The Greater London Authority will lead on assessing the expressions of interest for sites in London.
Shortlisting decisions will be made by DCLG, the Homes and Communities Agency and the Greater London Authority.