West Midlands Mayor Richard Parker has launched a £40m Social Housing Accelerator Fund to deliver 1,000 new social rent homes across the region.
The money will be used to convert homes that are ready for occupation, under construction or soon-to-be-built, into social rent properties.
Parker said restrictions under the previous Government meant housing funds could not be used directly for affordable and social housing.
Parker said: “By cutting red tape, we have opened up £40m to bring forward 1,000 social rent homes across the West Midlands – that’s 1,000 families whose lives will be changed.
“In total, we have approved or secured enough funding in just 15 months to bring forward over 1,750 new social homes – a significant step towards fixing our region’s housing crisis.
“That figure means something, because it’s real peoples’ lives, we’re changing. But we still have too many people waiting too long for a safe, warm and secure place to call home and too many lives, including those of thousands of children, are being blighted as a result.”
Latest figures showed 7,450 households, including 14,976 children, are living in temporary accommodation across the West Midlands while 65,335 households are on the region’s social housing waiting lists.
Joe Reeves, deputy CEO of Midland Heart, speaking for the West Midland Housing Association Partnership, said: “We welcome the creation of the mayor’s new Social Housing Accelerator Fund.
“As a result of this new funding, hundreds of homes built across the West Midlands will be let at social rent, making homes even more affordable for tenants on low incomes.
“Housing associations, like Midland Heart, will continue to work with the mayor and WMCA to ensure that new ways are found to build the affordable homes our region needs.”
Reeves added: “Over the last year the partnership has delivered over 7,500 new affordable homes most of which are family homes that have gone to families on council waiting lists.”
A regional investment summit in Birmingham on 21st October will focus on housing and attracting global investors.
Parker will work with local councils, Homes England and housing associations to deliver the new fund and top up grants for social rent homes.
