Through the Housing Corporation, and from 1 December the Homes and Communities Agency, the Affordable Housing Programme provides grant to registered social landlords and others, including developers and local authorities, to provide affordable housing either through new build or acquisition and refurbishment. We are providing £8 billion over the three years, 2008-11, to fund this programme. Of this around £467 million has been allocated indicatively for affordable housing in West Midlands.
Bidding for these funds is now taking place on a continuing basis. To the end of October over £69 million has been allocated for schemes in West Midlands, of which £21 million is for schemes in Birmingham.
Developer stock units are purchased by the Housing Corporation's Affordable Housing Programme investment partners for the provision of either social rent or for sale on low cost home ownership terms. Funding is a mix of grant from the Housing Corporation and from the investment partner's own resources. As at the end of October, the Housing Corporation had allocated grant funding of £90 million for the purchase of 2,600 homes.