Govt pledges extra funding for local housing schemes
Extra investment is to be provided by the government to unlock locally-led housing developments and spur regional growth.Some £50 million is being made available for infrastructure that supports new homes. Local leaders will be able to bid for the funding, which will be made available in 2015 and 2016 through the Local Growth Fund.It is intended to boost housing developments of between 250 and 1,499 units that have encountered barriers to progression.Funding of £1 billion has already been made available to developers to ensure large-scale developments get off the ground.Housing minister Kris Hopkins said: "[This] £50 million fund will help deliver the infrastructure local communities need to support new homes, and comes on top of the £1 billion we're making available to unlock large-scale sites that stalled at the end of the unsustainable housing boom."This substantial investment will lead to thousands of new homes across the country and deliver new career opportunities in the growing construction industry."The government last year introduced the Local Growth Fund to ensure local leaders use their knowledge, creativity and ambition to identify the priorities for their area.It is working alongside Local Enterprise Partnerships to ensure the support is in place for the Local Growth Fund.The £50 million will be provided using the model which was established for the Large Sites Infrastructure Programme, which supports developments of over 1,500 homes.These schemes are intended to facilitate the construction of up to 250,000 homes between 2015 and 2020, building on the success of the Local Infrastructure Fund, which is already accelerating the development of 80,000 homes in areas such as Devon and Berkshire.Ministers have also outlined plans to speed up the regeneration of London's most deprived housing estates using £150 million allocated in the recent Budget.The government aims to make better use of the land within inner London boroughs to provide more homes and commercial space on the same amount of land. Blocks of flats and five to six storey homes will help to achieve this goal, it says.
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