As a part of its plans to ring in extensive cuts worth £6.25 bn, the Homes and Communities Agency (HCA) has confirmed that it intends to cut down on its funding of existing housing projects by £230. It and also expressed doubts over sanctioning an additional funding of £610m.
This deferral on new projects is expected to be pressed on till 22 June when the emergency Budget will be presented. These reductions are a direct consequence of the announcement that the HCA’s parent body, the Department for Communities and Local Government will be subjected to a monetary cut of £780 m. The HCA will also be compelled to derive 2% savings in cash standstill, 3% on additional operating costs and 10% on its running costs.
A spokesperson for HCA disclosed that the cuts have come at the cost of postponement of numerous commitments.
Sir Bob Kerslake, the Chief Executive of HCA, stated that the cuts signify HCA’s role towards government saving. He added that the HCA will implement these cuts in a manner that will curtail the shocks that it might produce.
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