Government pumps cash into Local Infrastructure Fund and Build to Rent programmes
The government has released a £105m package of funds to boost house building at sites around the UK.
Communities secretary Eric Pickles said over £53m will be released from the Government’s Local Infrastructure Fund to accelerate construction of more than 7,000 homes on major developments in Manchester, Medway, Swindon and Kettering.
A further £49m is also to be released from the Government’s Build to Rent programme to support projects in Hampshire and Croydon.
This funding will help deliver over 540 homes specifically for private rent, bringing the total number of homes supported through the programme so far to over 1,600
A new £3m fund is being made available to help planning authorities tackle barriers to work starting on site.
This will give authorities additional capacity to focus on issues such as finalising section 106 agreements and signing off planning conditions, to help get work started on sites as quickly as possible.
Local Infrastructure Fund
The government has successfully unlocked a further 4 major housing schemes through the Local Infrastructure Fund, bringing the total to over 87,000. The sites unlocked today are:
- Manchester City Fringe: £18.8 million will unlock 1,500 new homes on the Collyhurst, Ancoats and Lower Irk Valley. The investment will pay for key road infrastructure and land acquisition needed to support the delivery of the scheme, which will ultimately include 7,000 homes
- Medway Valley: £19.5 million will unlock 2,350 new homes. The investment will pay for the Medway Valley Crossing which is an essential part of the infrastructure required in order to deliver 2 remaining residential sites on the east bank of the River Medway
- Tadpole Farm: £5.5 million will unlock a 1,695-home urban extension to the north of Swindon. The investment will pay for key access roads into the site, landscaping and drainage works to get the site ready for housing
- Kettering: £14.5 million will unlock the first 1,750 new homes of a proposed 5,500 urban extension, business and energy park to the east of Kettering. The investment will pay for key access road infrastructure, sewerage works and other site preparation to enable the first phase of the development to get underway
Build to Rent
The funding announced today will support the delivery of new homes for private rent on 3 new sites under the Build to Rent programme, bringing the total to over 1,600 homes.
- Berewood, Hampshire: £6.3 million loan will deliver 106 new homes
- Aldershot, Hampshire: £23.7 million loan delivering 219 new homes
- Croydon, south London: £19.8 million loan will deliver 216 new homes