Prime Minister Gordon Brown is set to launch a £1 billion plan to build more affordable homes and acquire more social housing.The three-part package is part of the government`s attempt to buoy the ailing housing market. Alongwith the cash injection, the new measures will also aim to helpfirst-time buyers enter the market, and support vulnerable families atrisk from repossession.The new package comprises:• A boost in spending power for affordable housing schemes. Thegovernment says it will bring forward funding for social housing fromexisting budgets, delivering more social homes sooner. Localauthorities who continue to directly manage their stock will be able toapply for this grant to build social housing, alongside registeredsocial landlords.• Mortgage Rescue: for those most affected by the international credit crunch.• HomeBuy Direct: a new shared-equity scheme which will help morefirst-time buyers into affordable homeownership. HomeBuy Direct willgive eligible first-time buyers keen to own a place of their own thechance to buy newly built properties.Full details of the funding package will be unveiled later today {2 September}.
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