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850m fund for construction of new homes

850m fund for construction of new homes

Three dozen large-scale housing projects have been shortlisted for a share of an 850m fund to encourage the construction of new homes.

The shortlist includes sites such as the development of Greenwich Peninsula in south-east London, which will provide 10,000 homes; the development of North Wellingborough, which will provide 3,000 new homes; and the Monkton Heath development outside Taunton, which will provide 4,500 homes.

The fund is part of the government’s £1bn, five-year large sites infrastructure programme, which aims to build the necessary infrastructure to support at least 1,500 new homes. The money will be used for roads, schools and parks.

Communities secretary Eric Pickles said: “We are supporting locally led development. This £1bn programme will help unlock or accelerate over 200,000 new homes across the country.

“This is part of our wider package of housing programmes to support home ownership, increase investment in the private-rented sector and further increase house building.”

The funding will be available between 2015 and 2020 as long-term loans with interest.

It also includes £12.5m capacity funding and technical planning support for councils dealing with large-scale sites.

The scheme will also provide brokerage support from central government to help resolve planning barriers that prevent project progress.

Posted on 10th Sep 14

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