Housing Bank established by the government of London specifically to support the program “affordable housing”

London continues to suffer from catastrophic shortage of housing. Especially noticeable in the capital, the shortage of affordable housing. The situation has worsened over the past year, when due to unprecedented interest from foreign and British investors, property prices in London began to grow at a catastrophic rate. Therefore, the government of London, believes the solution to the problem of affordable housing a priority. Now, when the rapid growth began, recovery in the UK economy, more and more people are coming to London in search of work, the problem of affordable housing is as relevant as ever.

The mayor of London Boris Johnson announced the allocation of over £200 million for the construction companies and housing Associations on a program to build several thousand low-cost housing in the capital of the United Kingdom.

Under the government of London established the so-called “Housing Bank”, which will provide specialized financial support to the builders, in order to accelerate the pace of construction. The housing Bank will allocate 1% in credit to the builders and partners on construction of 4,000 housing units, provided that these facilities will be commissioned much earlier period , and the cost of rent in them will be at least 20% below at least 7 years.

The loan at a rate of 1% per year is allocated for 16 years, after which the builders will be able to put housing for sale on the open market, without prejudice to the interests of the occupants the people, or to make long-term lease agreement.

Housing Bank was established by the government of London as part of an ambitious program of construction of affordable housing in London. The result of the ambitious plans of the government to be built in London around 100,000 units of affordable housing. This will provide housing for more than 100,000 Londoners.

This kind of funding is vital for the city, will unlock the whole complex is now frozen construction projects and provide the city shelter a few years earlier than planned, deciding this is relevant to the problem.

All building sites will be given free promotional resources, including the most popular Internet portals of the government of London that will very quickly attract tenants and buyers.

To obtain a 1% loan from the “Housing Bank” will be organized the auction, which proposed to take part to both large and small construction companies, and private investors.

® Alice Morgan. On 06/10/2014

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