Government sets out ₤105.7m investment in the North West to help unlock potential 16,000 new homes
UP to 16,000 new homes are set to get
off the ground across the North West as Government confirms ₤105.7 million
investment in local housing projects. Housing Secretary Sajid Javid and
Chancellor Philip Hammond announced that 18 Council led projects across the
North West will receive funding to support local work that will make housing
developments viable and get much needed homes built quicker.
With the Government committed to building 300,000 homes a year by the mid 2020s,
this 1st wave of funding from the ₤5 billion Housing Infrastructure Fund is
part of a comprehensive programme to fix the broken housing market.
This latest investment will fund key local infrastructure projects including new
roads, cycle paths, flood defences and land remediation work, all essential
ahead of building the homes.
Without this financial support these projects would struggle to go ahead or take
years for work to begin, delaying the homes these communities need. Together
with the Government's Industrial Strategy, it will provide high quality
infrastructure to support economic growth.
Housing Secretary Sajid Javid said:- "My priority is building the homes
this country desperately needs.
This 1st wave of investment in projects across the North West will help get up
to 16,000 homes off the ground, making a huge difference to communities across
the Region.
This is just 1 of the many ways this Government is taking action to get
Britain building homes again."
Chancellor Philip Hammond said:- "Today marks the 1st step of the
multi billion pound investment we announced at the Budget to help build the
homes our country needs. This fund finances vital infrastructure such as roads,
Schools and bridges, which will kick-start housing development in some of
Britain's highest demand areas. This support will help us meet our ambitious
plan of building 300,000 new homes each year and ensure we have enough housing
in areas which need it most."
Projects from Fylde to Cheshire that will receive
funding include:-
► ₤10m to South Macclesfield Development Area to build a new link road to local
housing sites and facilities, which will provide an additional 950 homes.
► ₤3.7m to Centre Park Link, Warrington ensuring the project can be delivered
despite funding gaps. This will ensure the delivery of over 500 homes.
► ₤3.8m for the M55 Heyhouses Link Road project in Fylde; funding a crucial
replacement to a road shut down since 2013, allowing the transport required to
unlock 1,500 potential new homes.
The ₤5bn Housing Infrastructure Fund is a Government capital grant programme to
help unlock new homes in areas with the greatest housing demand. Funding is
awarded to local authorities on a highly competitive basis.
The fund is divided into 2 streams:-
► A Marginal Viability Fund; available to all single and lower tier local
authorities in England; to provide a piece of infrastructure funding to get
additional sites allocated or existing sites unblocked quickly. Bids have a soft
cap of ₤10 million.
► A Forward Fund; available to the uppermost tier of local authorities in
England; for a small number of strategic and high impact infrastructure
projects. Bids can be up to ₤250 million.
Government will be progressing Forward Funding
projects over the coming weeks, with final funding announced from Autumn 2018.
The announcement forms part of the Government's Industrial Strategy which sets
out a long term plan to boost the productivity and earning power of people
throughout the UK. The Strategy sets out how we are building a Britain fit for
the future; how we will help businesses create better, higher-paying jobs in
every part of the UK with investment in skills, industries and infrastructure.