Growing Places Fund will help schemes hit by poor infrastructure and flood risk
Ministers have pledged to provide £500m to help get stalled building projects off the ground and provide a boost to struggling communities.
The Growing Places Fund will focus on building infrastructure to enable the creation of new homes and commercial space.
The 38 existing local enterprise partnerships - which are formed by local authorities and businesses - will be able to apply for funding, and then take decisions about which projects to prioritise.
In a move that it said provided a strong indication of its determination to get Britain building again, the government plans to allocate the entire £500m by the end of January 2012.
The sorts of projects that could receive funding include strategic road links and access works, and the provision of flood storage capacity to enable the development of homes and retail space.
Ministers have confirmed the amount they expect to allocate to each region, including the following:
- £12.9m for the Liverpool city region
- £23.9m for the Leeds city region
- £17.4m for the Local Enterprise Partnership covering Derby, Derbyshire, Nottingham and Nottinghamshire
- £14.9m for Birmingham and Solihull;
- Nearly £40m for London; and
- £14.2m for the Heart of the South West Local Enterprise Partnership
Communities secretary Eric Pickles said: “The £500m Growing Places Fund will unlock much-needed local infrastructure and get the homes we need built. It will be local enterprise partnerships, made up of the people and businesses who know their local areas best, who will decide where this cash boost will be spent.
“I now want to see these partnerships coming together and finding innovative ways to unlock local sites and help get Britain building again.”
Transport secretary Justine Greening said: “Transport is key to unlocking growth. The Growing Places Fund will let communities provide the transport links that get people and businesses from A to B.
“This will be crucial in building the balanced and dynamic economy that is essential for our future prosperity.”
Chief secretary to the Treasury, Danny Alexander, said: “The half a billion pound Growing Places Fund will kick-start local developments across the country.
“This is a flexible fix-it fund that will make a real difference on the ground, improving the lives of local residents and boosting the local economy. From building strategic link roads to reducing congestion, the investment will set businesses free and create jobs.”