Eric Pickles has announced the first wave of projects that will benefit from a £1 billion scheme to accelerate the provision of over 200,000 new homes across the country.
The Communities Secretary published a shortlist of 36 large-scale housing projects in line to receive a share of £850 million of funding to kickstart housebuilding.
The funding is part of the government’s £1billion five year large sites infrastructure programme, which is earmarked to build infrastructure – including schools, parks and road improvements – to support the construction of at least 1,500 homes.
The projects announced will go through a final rigorous due diligence process before they can receive the funding.
Sites include the continued development of the Greenwich Peninsula in South East London, which will help provide nearly 10,000 new homes, while funding is also expected to go to Ebbsfleet Eastern Quarry, to help provide 3,500 homes.
Eric Pickles said: “Residential construction is now at its highest level since 2007 and continuing to rise, and 216,000 new homes were given planning permission last year.
“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 in the form of a long term loan with interest to ensure a fair rate of return for taxpayers.
The programme includes £12.5 million capacity funding and planning and technical support for councils dealing with large-scale sites, as well as brokerage support from central government to unblock obstacles to development.
To see the full shortlist published by the Homes and Communities Agency, visit: https://www.gov.uk/government/publications/large-sites-infrastructure-programme-shortlist