With £624 million of funding being announced by the government, Quadrant Smart looks at how this will positively impact new builds and crucial infrastructure.
Communities across England will be transformed with new schools, health services and transport links to support the delivery of thousands of new homes as part of new funding announced on November 5th, 2021.
Loan funding of at least £624 million will be available for housebuilders, 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.
It comes as part of 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.
116,000 new homes will be built as part of the new funding
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 told Quadrant Smart: “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.
The Housing Minister continued: “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 comes as part of the £2.2 billion loan financing made available at Spending Review 2020
Loans will be administered by Homes England through the Home Building Fund – an existing housing supply programme that makes loan finance available to developers.
Chief Executive of Homes England Peter Denton told Quadrant Smart: “This new infrastructure funding will be a powerful catalyst for creating new homes, places and communities.”
It gives us the resources we need to back more developments like Houlton in Rugby, where a £35 million funding injection has helped to create new primary and secondary schools, a link road to Rugby town centre, and wider infrastructure needed to build a community of up to 6,200 homes.
Last week at Spending Review a further £1.8 billion to regenerate brownfield land and deliver transport links and community facilities was announced.
The funding boost meets the government’s manifesto commitment to a £10 billion housing fund and will help unlock 1 million new homes.
In addition, last month the government allocated £57.8 million through the Brownfield Land Release Fund for local councils to remediate and transform unused and derelict land into new homes.