Housing Minister Kris Hopkins said that the plans would create 165,000 construction jobs and boost UK businesses that supply the construction sector.
If the target of 165,000 homes is achieved it will be the fastest rate of affordable homes building for 20 years.
Housing associations, councils and house builders will be invited to bid for part of the £23 billion investment programme between 2015 and 2018. Housing Associations which apply will have to focus on building new homes that are in short supply in their local area, to help with localised housing shortage problems.
This new scheme will build on the success of the current affordable housing programme which is set to deliver 170,000 homes by 2015. If both schemes go to plan, then by 2018 the UK should benefit from a total of 335,000 new affordable homes.
Courtesy of Currell Group Newsletter