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<p>We have made £9 billion available through the Affordable Homes Programme to March
2022 to deliver approximately 250,000 new affordable homes in a wide range of tenures,
including social rent, which Local Authorities are eligible to apply for</p><p><br>
The Government keeps all policy under review and alongside the increase of the Public
Works Loan Board rates the Government has legislated to increase the lending limit
from £85 billion to £95 billion, reflecting its commitment that local authorities
continue to have access to the financing they need to support their capital plans.
We have been engaging the local government sector, to understand the potential impact
the interest rate rise could have on individual local authorities’ capital plans and
strategies, especially with regard to housing and regeneration. As ever, we expect
local authorities to have robust financial plans in place which take into account
the risk of changing economic circumstances as part of taking a prudent approach to
borrowing.</p>
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