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<p>The Prime Minister announced on 3 October at the Conservative Party Conference
that the caps on local authorities borrowing to fund the construction of new homes
will be removed, enabling them to fund a new generation of council housing that meets
the needs of local people. This ground breaking announcement will enable councils
to build up to 10,000 homes per year in the short term, with potential to go even
further over time.</p><p>In addition, local authorities can bid alongside housing
associations for the £9 billion Affordable Homes Programme to build affordable homes.
We are also providing a longer term rent deal for 5 years from 2020 to provide local
authorities with a stable investment environment to deliver new homes and we have
consulted on options for allowing local authorities more flexibility in the use of
their Right to Buy receipts, including extending the time limit for spending Right
to Buy receipts from three years to five years for existing receipts.</p>
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