A.59 Affordable mortgage finance - The Government will introduce a new build indemnity scheme to increase the supply of affordable mortgage finance for new build homes. Under the scheme, home buyers will be able to purchase new build houses and fats with a five per cent deposit. House builders and the Government will help provide security for the loan. The Government will take on a contingent liability which will build up in line with purchases under the scheme, to a maximum of £1 billion. This will help up to 100,000 families and young people buy their own home.
A.60 Right to Buy - The Government will raise the discounts for the Right to Buy scheme. For each home purchased, the Government will provide an additional affordable home, in addition to plans to deliver up to 170,000 affordable homes through the new Affordable Homes programme.
A.61 Stalled housing developments - the Government will launch a new £400 million 'Get Britain Building' investment fund, which will support firms in need of development finance. This will help to drive progress on stalled sites which have planning permission and are otherwise ready to start. The Government will issue a prospectus to interested developers by the end of the year. (l)
A.62 Locally planned large scale-development - The Government will support new development, which could include modern garden cities, urban and village extensions. The Government will invite proposals from developers and local authorities for new developments which have clear local support.
A.63 Green Deal - The Government is allocating £200 million of additional one-off capital resource to the Green Deal for energy efficiency in its initial phase over 2012-13 and 2013-14, to encourage early uptake. Further details will be set out next year and any plans will be subject to state aid considerations. (c)
A.64 Empty homes - The Spending Review allocated £100 million to bring problematic empty homes in areas of high demand back into use as affordable housing. The Housing Strategy announced a further £50 million of funds to help tackle some of the worst concentrations of empty homes in areas of low demand.8 (m)
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8 Laying the Foundations: A Housing Strategy for England, Department for Communities and Local Government, November 2011.