The government has launched a Housing Infrastructure Fund worth £2.3bn, which will be dedicated to supporting the development of much needed new homes.
Infrastructure projects, such as the building of roads, bridges, energy networks and utilities have been highlighted as potential areas that could be supported by the funds.
The fund will also provide the resources to enable the building of new schools, healthcare centres and digital networks.
The cash will be made available on the successful outcome of proposals made via local authorities. Once funds are allocated, the government expects works to commence immediately, thus speeding up the house building process which is dependent on these projects.
The Department for Communities and Local Government has emphasised this point in a statement, saying that the lack of this type of funding “continues to hold housebuilding back.”
The fund forms part of the Government’s £23bn National Productivity Investment Fund and will be available from 2017/18 to 2020/21.
Sajid Javid, Secretary for Communities and Local Government, said:
“To build the homes this country needs, we need to deliver the right infrastructure in the right place at the right time.
“By investing in local infrastructure, we can help unlock building thousands of new homes in the areas where they are needed most.”
Andrew Whitaker, planning director at Home Builders Federation added:
“Funding necessary infrastructure will give local authorities the opportunity to remove barriers to developments being delivered.
“Direct support for critical infrastructure will not only unlock more housing, it should also help to accelerate planned developments.”
ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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