Major schemes at 14 sites have been earmarked for government investment, so they can start building up to 38,000 new homes, Housing Minister Mark Prisk announced today (5 June 2013).
The projects will now proceed to a due diligence process to receive a share of the Local Infrastructure Fund, which has a total budget of £474 million.
Mr Prisk said the funding support will get spades in the ground and create thousands of jobs for local communities across the country.
The funding programme for planned, large-scale sites, administered by the Homes and Communities Agency, is being targeted at schemes of over 1,500 homes that could deliver real benefits to their communities, but are struggling to move forward.
Housing Minister Mark Prisk said:
This government is determined to get Britain building again. That’s why we are working with local housing schemes that have their plans in place, but need help to move forward.
Our support through the Local Infrastructure Fund will help deliver the homes this country needs, create thousands of jobs and inject millions of pounds of investment into local economies.
Homes and Communities Agency Chief Executive Andy Rose said:
This investment from the Local Infrastructure Fund is about building momentum behind some of those larger locally-backed housing developments to accelerate the supply of new homes. There is work to be done to ensure these bids deliver value for money for the taxpayer and fit with local priorities, but I am looking forward to getting out on site and seeing progress on successful bids in the months ahead.
Support for these housing schemes will build on the deals made to unlock over 42,000 homes through the large sites programme, at Sherford near Plymouth, Cranbrook near Exeter, Fairfield near Milton Keynes and Wokingham.
The Homes and Communities Agency will now commence due diligence with the shortlisted bidders as soon as possible. This process will determine the final investment, the numbers of homes at each site supported through the funding and terms of any investment made.
Details of the shortlisted bidders can be found on the Homes and Communities Agency website.