Tower Hamlets will receive a £16.3m bonus from the government for delivering on its commitment to create new homes including much needed affordable homes for residents.
Over the last 18 months, the council is in delivery or has delivered an additional 2,046 council homes with 827 of these already completed and occupied.
John Biggs, Mayor of Tower Hamlets, said: “Tackling the housing crisis is a top priority and we are committed to deliver more council and affordable homes across the borough. We will continue to use every opportunity to tackle the housing shortage and assist our residents in finding appropriate housing.”
The New Homes Bonus is a grant paid by central government to local councils to reflect and incentivise housing growth in their areas.
It is based on the amount of extra Council Tax revenue raised for new-build homes, conversions and long-term empty homes brought back into use. There is also an extra payment for providing affordable homes.
Under the scheme the government match the revenue raised from council tax payments from new-build homes, conversions or empty properties being brought back into use for a period of six years.
Cllr Danny Hassell, Cabinet Member for Housing, said: “We continue to work closely with housing partners and associations to deliver the best possible service for our residents. This is in addition to delivering on our commitment of 2,000 council homes across the borough. I am delighted at the progress we have made so far and this extra funding will allow us to take this a step further to assist residents and make best use of our land.”
For the third year running Tower Hamlets has topped the list of councils in terms of revenue from new homes. The council will now receive a bonus payment of £16.3 million which can be invested into longer term housing solutions across the borough. This will further add to the successes already detailed in the GLA Affordable Housing Report 2021, which shows Tower Hamlets delivered:-
- 762 affordable home completions 2020-21 (third highest borough)
- 5,245 affordable home starts 2016-21 (highest borough)
- 4,306 affordable home completions 2016-21 (highest borough)
Posted on Thursday 17th February 2022