The new funding will be delivered through three dedicated, ring-fenced funding programmes designed to provide housing associations with additional funding capacity to unlock development and invest in existing homes. The funding envelopes are £250m for Wales, £200m for Scotland and £100m for Northern Ireland.

According to the Corporation, its competitive funding pledge aims to provide greater certainty and tailored funding for housing associations, helping them progress stalled developments, accelerate new projects and invest in the quality and sustainability of existing housing stock.

Funding can be used to support new affordable housing development, as well as portfolio investment, including capital programmes such as retrofit and remediation works. By creating dedicated funding capacity for each devolved nation, The Housing Finance Corporation aims to deepen relationships with housing associations and sector bodies while strengthening collaboration with local governments and investors to support delivery at scale.

The initiative forms part of the organisation’s wider strategy to expand its multi-programme funding platform and increase its support for housing associations across the UK.

David Bridgen, senior commercial director, commercial at The Housing Finance Corporation, said: “Affordable housing demand continues to outpace delivery across Wales, Scotland and Northern Ireland. Housing associations are working hard to meet that challenge, but rising costs and competing investment pressures mean additional funding is needed to unlock viable schemes.

“Our £550m funding pledge demonstrates our long-term commitment to supporting the sector with financial solutions that help housing associations build and improve homes and create sustainable communities across the devolved nations. By creating dedicated funding capacity, we want to give partners the clarity and confidence they need to plan ahead, accelerate development pipelines and deliver more affordable homes for the communities that need them most.”

The funding pledges are designed to provide visible and targeted support for the devolved housing markets, while maintaining the flexibility required to respond to sector demand and investment opportunities.