Sector - Housing
£624M for new homes and vital infrastructure
The Department for Levelling Up, Housing and Communities (DLUHC) has announced a new fund for vital infrastructure, which will be a powerful catalyst for creating new homes, places and communities. House builders can apply for a share of at least £624M loan financing to pave the way for up to 116,000 new homes.
Communities across England will be transformed with new schools, health services and transport links supporting thousands of new homes due to the funding.
Some £624M will be available for house builders, including SMEs, to improve the vital infrastructure needed to kick-start new housing projects, with a particular focus on transforming unsightly and derelict brownfield sites.
Redeveloping underused land for new homes and improving public services is a key part of the government’s mission to level up the country and create vibrant communities where people want to live and work.
Housing Minister Rt Hon Christopher Pincher MP said: “We are building the right homes in the right places so more young people and families can get on the housing ladder.
“Improving transport links, building schools and health facilities are key to unlocking new homes and creating vibrant places where communities can thrive.
“This money will build on our commitment to bring derelict and abandoned sites back to life, regenerating towns and cities as we level up across the country.”
The funding is part of the £2.2Bn loan financing made available at Spending Review 2020 to support infrastructure and drive housing supply.
Loans will be administered by Homes England through the Home Building Fund – an existing housing supply programme that makes loan finance available to developers.
The Autumn Spending Review provided a further £1.8Bn to regenerate brownfield land and deliver transport links and community facilities was announced.
The funding, to be committed from 2021/22 to 2024/25 with terms of up to 20 years, will enable a continuation of the existing Home Building Fund.
Loan financing provides private sector partners with long-term finance that will help to deliver the infrastructure and land assembly needed to accelerate new homes and drive housing supply in the long term.
The funding supports the government’s mission of delivering up to 300,000 new homes a year by the mid-2020s by unlocking housing supply in the areas of greatest need while also stimulating economic and long-term growth.
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