The £200m made available in December's Autumn Statement will be expanded to £1bn, and will provide equity or loan finance to support development stage finance.
Ian Fletcher, director of policy at the British Property Federation, said: "It's encouraging the Government’s confidence in build to rent has been reciprocated and we are delighted to see that the equity funding was heavily oversubscribed. Working in partnership with government the sector should deliver an exciting and quality array of homes for renters."
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