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Spring Budget 2024: chancellor announces £20m for community-led housing schemes
The chancellor has revealed £20m in funding for community-led housing schemes as part of his Spring Budget today.
In his speech to parliament earlier, Jeremy Hunt announced the launch of the multimillion-pound funding package.
He said: “We’re launching a new £20m fund for community-led housing schemes, supporting local communities to deliver the developments they want and need.”
Further details on the initiative have not yet been released, but a report from last year estimated that around 280,000 homes could be delivered through community-led projects if there was more support from the government, housing associations, councils and developers.
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In the 38-page report, the Community Land Trust Network said that a new “pattern book” of partnership could be scaled up nationally to tackle the wider housing crisis.
Community land trusts (CLTs) are non-for-profit organisations that own and develop land for the benefit of local people. A total of 350 CLTs have been formed across England and Wales, which so far have delivered 1,711 affordable homes.
Another 209 CLTs are currently forming or being explored, according to the report.
This was followed by a call in September last year for social landlords and community housing groups to be given improved powers to buy empty or poor-quality homes.
The proposal by the New Economics Foundation included giving landlords more powers to buy empty or poor-quality homes and turn them into social housing.
Researchers believe that this ‘community right to buy’ would “regenerate deprived areas and prevent absentee landlords from sucking wealth out of local areas”.
Elsewhere in the Budget, the government’s Household Support Fund, which allows councils to help families via food banks, warm spaces and food vouchers, was extended for six months.
Mr Hunt said: “It was set up on a temporary basis and due to conclude at the end of this month. Having listened carefully to representations from the Joseph Rowntree Foundation, the Trussell Trust and honourable members, I’ve decided that with the battle against inflation still not over, now is not the time to stop the targeted help it offers. We will therefore continue it at current levels for another six months.”
The fund was launched in October 2021 amid the cost of living crisis to help households get through the winter. It was due to conclude on 31 March.
