Councils and developers are being invited to bid for a share of £50million for stalled, locally-led housing developments in the UK
According to the AJ’s sister publication Construction News, the investment will be made available in 2015 to 2016 through the Local Growth Fund and will be aimed at projects sized between 250 and 1,499 units (see full details attached).
The pot of cash for loan will operate in a similar way to the Local Infrastructure Fund, in the form of recoverable capital to the private sector, and will be on an open competition basis.
Communities secretary Eric Pickles said: ‘We’ve delivered 420,000 new homes since 2010, including 170,000 new affordable homes. I’m determined we go even further.
‘[The] multi-million pound package will help get workers back onto locally-led housing developments that had been stalled with the end of the unsustainable housing boom in 2008, and deliver the homes and local growth communities want to see.’
This is in addition to a further £1billion fund that was launched this month to help developments of at least 1,500 units in size, progress.
The money will be available to developers in the form of a loan and will support projects over a six year period.