Friday, 2 January 2015

Government loan guarantee scheme launched

Ministers have launched a multibillion-pound loan guarantee scheme for housebuilding, more than two years after it was first announced. Under the plans, a government guarantee will underwrite loans to companies looking to invest at least £10m in building new homes available to rent. Property investment management company Venn Partners will run the project. The guarantee is half of an incentive package intended to spur the development of large housing projects for rent, the other half being a separate £3.5bn scheme for housing associations, which was set up in 2013 under the auspices of the Housing Finance Corporation. That scheme has already guaranteed more than £1bn of investment in 9,000 new affordable homes.

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