Housing Associations: Finance

Department for Communities and Local Government written question – answered on 30th November 2016.

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Photo of Lord Kennedy of Southwark Lord Kennedy of Southwark Shadow Spokesperson (Housing), Opposition Whip (Lords), Shadow Spokesperson (Communities and Local Government), Shadow Spokesperson (Home Affairs)

To ask Her Majesty’s Government where the £1.8 billion of extra spending by Housing Associations from sources other than central government is coming from.

Photo of Lord Bourne of Aberystwyth Lord Bourne of Aberystwyth The Parliamentary Under-Secretary of State for Communities and Local Government, The Parliamentary Under-Secretary of State for Wales

The £1.8 billion is the amount of additional investment that housing associations will need to take, from lenders and through cross subsidy across schemes, in order to deliver the much needed affordable homes. As housing associations are currently classified as public corporations this investment also counts towards the fiscal aggregates.

We are taking action to enable the Office for National Statistics to reclassify housing associations to the private sector.

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