Spending on affordable housing in England will be slashed in 2024 and fall even further over the next decade.
Housing associations will spend 9%, or £1.5bn, less than the previous year, according to their own forecasts.
Centrus, a financial adviser that works with housing associations, said funding over the coming decade would be cut by £20bn, or 15%.
The number of homes expected to be built by housing associations is forecast to fall by 64,000 over the next five years.
