HCA shortlists 105 schemes for 'Get Britain Building' fund
The Homes and Communities Agency has announced 105 schemes have been shortlisted for funding under the £570 million Get Britain Building fund
The second round of funding, worth £100m, saw 162 expressions of interest and shortlisted schemes will now enter due diligence before contracts are signed.
The shortlist (see attached document for the full list of schemes) includes bids for funding from:
- The Thrunscoe School Development in North East Lincolnshire, a Snape Properties development of 35 homes.
- Kaleidoscope, a Crest Nicholson project delivering 129 new homes in Cambridge.
- Beddows Road in Walsall, a Lovell Partnerships’ 42-home scheme.
- Vulcan Street in Bradford, a Stocksfield Construction project of 18 homes.
The HCA estimates the shortlisted schemes could unlock up to 7,000 homes, according to Construction News. HCA chief executive Pat Ritchie said: ‘The Get Britain Building programme is offering housebuilders the financial support to get stalled developments back on track, and I’m pleased that more than 100 projects can move forward to the due diligence phase.
‘We listened to feedback from the sector and reduced the minimum scheme size to 15, and I’m therefore especially pleased that 20 smaller projects have come forward and the majority of bids have come from SMEs.
‘These projects must now prove that they can be delivered quickly, provide value for money for the taxpayer and fit with local priorities. As well as building much-needed new homes, the work will create or protect jobs, and boost local economies.’
Round one schemes must complete by December 2014, while round two schemes have until March 2015.
Around £300m of recoverable investment has been allocated to more than 130 projects through the first round, which is expected to unlock up to 9,000 homes.
Get Britain Building is intended to address difficulties in accessing development finance faced by some house builders and to help bring forward sites with planning permission, but where viability is marginal, by sharing risk. It will operate by making loans available to projects on commercial rates, or taking equity stakes to share risk. The investment is recoverable over a two to five year period, and by March 2018.