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Another year, another big-bucks housing promise by the Tories.

Today it's Theresa May, who's vowed to "fix our broken housing market" with £2billion for 40,000 social homes in a speech to the National Housing Federation summit.

She called for an end to the "stigma" that "too many politicians" have against council flats, declaring: "I want to see social housing that is so good, people are proud to call it their home.

"Our friends and neighbours who live in social housing are not second rate citizens. They should not have to put up with second rate homes.

"Fixing our broken housing market will not be quick or easy - but it can be done."

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These are warm words, and they've been welcomed. But what is the actual policy - and will it match up to the rhetoric.

We've taken a look at why her promise may not be everything you thought it was.

It only starts in 2022

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Housing Secretary James Brokenshire has admitted the money only "becomes available from 2022". Needless to say, that's a while away.

It's also after the next general election, which of course, could be won by Jeremy Corbyn's Labour Party.

We asked the Housing Ministry if the money will be guaranteed even if there's a change of government - in other words, if it'll be signed off ahead of time.

At first, we were told the issue was "political" so the civil service wouldn't give us an answer. Later, after we published this story, a Whitehall source insisted: "We expect the funding to be allocated and distributed before Spring 2022."

But there's more to it than just the mechanics of government. If you think Prime Minister Corbyn is unlikely, it seems unlikelier still that Theresa May will survive as PM until 2022 and beyond.

Given how many of David Cameron's pledges she's torn up, can we trust whoever become the new Tory leader not to do the same to hers?

It's spread over six years

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The cash is available to housing associations that enter strategic partnerships with government agency Homes England.

But it will fund a period stretching as far ahead as 2028/29.

That's six years over which to spread £2billion and 40,000 homes, which needless to say, suddenly makes it seem like a lot less money.

It's NOT all for social housing

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The finer print of the announcement shows the cash is for "affordable and social" homes.

This wording is crucial.

Social housing is what most people imagine state housing to be. It generally means a home built by a council or housing association, which is let out to people on the council waiting list for a low "social rent".

But affordable housing can not only include homes let out at 80% of the market rent - it can also include "intermediate" homes, those put on sale for somewhere between social and market prices.

The Housing Ministry hasn't broken down how many there'll be of each type. But we can take a cue from last year's figures.

Last year, of 25,841 new affordable homes in England, just 990 were for social rent - down from 28,156 in 2010/11. The vast majority, 19,763, were for "affordable" rent.

It's making up for lost ground after cuts long ago

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Cash for new social housing was slashed from £2.8billion to £1.1billion PER YEAR back when the Tories took power in 2010, according to Shelter.

Others give even more drastic figures. Labour MP Darren Jones tweeted sarcastically: "We cut your house building budget by £25bn in 2010 but here’s £2bn over the next decade. Oh and nothing on building council houses either. Magic."

There have been initiatives since 2010. Under Theresa May the Tories pledged £9.1billion for an affordable homes fund in the five years to 2021.

But critics say pumping money in now only makes up for the cuts George Osborne inflicted years before.

And finally... Tories have been in power for eight years already

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In the eight and bit years the Tories have been in power, we've seen a calamitous conveyor belt of housing policies - many of which fell in the gutter.

Ministers spent months in battle with experts over damaging plans in David Cameron's Housing Bill. Much of it was abandoned within months. They dropped plans to hike rents for high-income social tenants, dubbed "Pay to Stay", and will no longer force housing associations to sell off high-value properties.

Meanwhile, you can feel the churn. Theresa May has the Tories' eighth housing minister in as many years in the form of Kit Malthouse.

Mrs May and her team will of course say they've now worked out the right path. But critics ask how we can trust that this time, it's for real.

What the housing experts say

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Despite political hostility, many housing bodies have given a pretty warm response today - but not all of them.

The National Housing Federation said the shift to long-term funding was "a total step change", while Paul Hackett, chair of the G15 group of housing associations, said he was "delighted" at the "long-term approach".

But Lord Porter, the Tory chairman of the Local Government Association, said: "Homes for affordable and social rent are desperately needed across the country now, not in 2022.

“The measures announced today fail to provide the funding certainty councils also need to play a leading role in solving our housing crisis."

Luke Murphy of the IPPR think tank said: "To deliver the affordable homes the country needs the government must commit to a much higher level of investment.

"An additional £200m a year is a drop in the ocean."

Dan Tomlinson of the Resolution Foundation think tank said "it’s good to see the Prime Minister signalling a shift", but added: "Far more will be needed if we are going to turn around the locking out of young families from our social housing stock.”

Shelter chief executive Polly Neate said: “There are over a million households on social housing waiting lists, and yet last year we built the lowest number of social homes at any point since the Second World War."

She added: “This must be the start and not the end.

"What we need now is more social homes actually being built as well as a big shift in attitude to start viewing social housing as a right."

What the political opponents say

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Labour peer and former infrastructure tsar Lord Adonis claimed the cash was "tiny & tokenistic".

Lib Democrat Housing spokeswoman Wera Hobhouse said: "How can Theresa May keep a straight face when criticising politicians for continuing to ‘look down’ on those in social housing?

"It has been her party that has eradicated social homes for rent right across the UK. Nothing short of hypocritical."

Labour's Shadow Housing Secretary John Healey added: "Theresa May’s promises fall far short of what’s needed.

"The reality is spending on new affordable homes has been slashed so the number of new social rented homes built last year fell to the lowest level since records began.