(Bloomberg) -- U.K. Prime Minister Theresa May will announce 2 billion pounds ($2.6 billion) in funding to encourage non-profit housing groups to build more affordable homes over the next decade.
May hopes to boost house-building and make more properties available for people on low wages by offering long-term funding for independent housing associations, which build low-cost and social homes in the U.K.
“Rather than simply acquiring a proportion of the properties commercial developers build, I want to see housing associations taking on and leading major developments themselves,” May will say at a housing conference in London Wednesday.
Successive governments have struggled to address the shortage of affordable housing, which is especially acute in London and surrounding areas of south-eastern England. May has made the tackling the issue a priority for her government, even as it focuses on negotiating Brexit.
To contact the reporter on this story: Tim Ross in London at tross54@bloomberg.net
To contact the editors responsible for this story: Flavia Krause-Jackson at fjackson@bloomberg.net, Robert Jameson
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