Question to the Ministry of Housing, Communities and Local Government:

To ask the Secretary of State for Housing, Communities and Local Government, whether the National Housing Bank will require the delivery of a specified number of (a) affordable and (b) social rent housing when agreeing loans for developers.

My Department is currently working with Homes England and HM Treasury to establish a new National Housing Bank, including setting terms and parameters for different debt interventions.

As per the Written Ministerial Statement I made on 18 June, the Bank will have an initial allocation of £16 billion of new financial capacity – comprising of £10.5 billion of investment capital and £5.5 billion of contingent liability capacity that can used to deploy housing guarantees.

The £10.5 billion investment capital package includes £2.5 billion of low-interest loans for social and affordable housing providers to further boost their capacity to invest in new developments. We are in the process of developing the loans scheme and will announce further details in the coming months.