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The £150 million Estates Regeneration Programme is designed to kickstart and accelerate the regeneration of large estates through fully recoverable loans, helping to boost housing supply. It will help to improve the quality of life for residents in some of the most run down estates in London and nationwide.
Funding is being made available over 4 years from tax year 2015 to 2019 and will be run as an open competition. The prospectus seeks bids from private sector builders/developers taking forward schemes which deliver a net increase in the supply of housing, with mixed tenures, over the entire programme of redeveloping existing estates.
A bidding round for the fund will be launched in early July and expressions of interest are to be submitted by midday on 12 September 2014 to the Homes and Communities Agency. Further details on how to submit an application and what information is required will be published here.
Shortlist of Projects
The HCA ran an open competition for the fund. Bidding opened on 7 July 2014 and closed at noon on 12 September 2014.
Subject to due diligence, funding will be allocated to schemes in line with the eligibility and prioritisation criteria set out in the prospectus.
The HCA have shortlisted three projects with a combined value of up to £153m. The final contracted amount is expected to be in line with the £150m budget.