Detail of how local authorities can bid for additional borrowing for new affordable housing.
The housing revenue account borrowing programme makes available an additional £300 million borrowing for 10,000 new affordable homes over 2015 to 2016 and 2016 to 2017. This was announced in the 2013 Autumn Statement as part of the Local Growth Fund and is available to local authorities who have a proposal agreed by their local enterprise partnership.
This prospectus sets out the detail of how local authorities can bid for additional borrowing and sets out the process and timetable for submitting bids.
The application form sets out information a local authority should provide when applying for the Secretary of State’s consent under Section 25 of the Local Government Act 1988.
The frequently asked questions document has been compiled to help local authorities that are interested in bidding for additional borrowing under the housing revenue account borrowing programme.