A multi-billion loan guarantee scheme, first announced more than two years ago, is up and running.
Under the scheme, the U.K. government will provide guarantees underwriting loans for companies planning a minimum £10 million investment in the construction of homes for rent.
Housing Minister Brandon Lewis, in announcing the details of the scheme prior to Christmas, denied suggestions the government had had difficulty in finding an operator, saying a tender had attracted “multiple strong bids.”
PRS Operations, a unit of Venn Partners, will operate the scheme, which Mr. Lewis said could unlock £3.5 billion of funding for professionally managed new homes for rent.
A separate £3.5 billion scheme for housing associations has been operating since 2013.
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