The funding will be allocated to 41 councils over the next two years and is expected to improve the standards of 86,000 homes. The Greater London Authority (GLA) will distribute £540 million to councils in the capital, and Council landlords across the country will receive a share of £443 million through the Homes and Communities Agency (HCA).
The money allocated can be used by councils to fit new roofs and windows, update kitchens or heating systems and undertake other improvement work. Prisk said that the new construction work will help support local tradesmen and create jobs and that the funding will benefit the economy. Research by Nottingham Trent University has shown that every pound spent on decent home improvements generates £1.46 in local spending.
"By improving this country's council homes we will transform many families' lives for the better, bringing their living standards up to scratch ensuring that their home is the safe haven it is meant to be," said Prisk.
"But the benefits of the £1bn reach far beyond tenants themselves and into the local economy. With every pound spent on improvements boosting local business, creating new jobs and supporting local spending, I want to see councils realising the benefits of this cash as soon as possible," he said.
Prisk said that said that spending money earlier would help boost local employment as early as possible, as well as delivering home improvements for tenants ahead of schedule. The Government will invite councils to talk to the GLA and HCA about how they can spend the cash early.
The fund is part of the £1.6bn allocation set out in the Government's Spending Review of the Decent Homes programme. Under the review, councils were allocated £612million for years 2011/12 and 12/13. This announcement confirms the £982.7million indicative allocations for years 2013/14 and 2014/15.
