The government has announced that it will pour £1.3bn into new homes and vital infrastructure to "help fuel a green economic recovery."
According to the Ministry of Housing, Communities and Local Government, more than 300 “shovel ready” projects in England will receive a share of the £900 million allocated as part of the Getting Building Fund.
The investment is anticipated to deliver up to 45,000 homes while creating up to 85,000 jobs and reducing around 65 million kg of CO2 emissions across England.
MHCLG confirmed a £360 million investment in Mayoral Combined Authority areas from its £400 million Brownfield Fund to produce a further 26,000 new homes. And it announced a further £8 million to accelerate the delivery of these homes. These combined authorities are now being invited to bid for the remaining £40 million of the Brownfield Fund.
Ministers also released details of the £2 billion Green Homes Grant scheme, which is set to cover up to two-thirds of the cost of home improvements for more than 600,000 homes. To participate in the scheme, tradespeople must register for TrustMark accreditation.
The government's funding commitments come ahead of its “radical overhaul” of the English planning system which is due to be announced shortly, MHCLG said. The changes will see developers being required to “contribute fairly” to infrastructure to support communities, ensure designs fit with the local area, and work with a “new interactive online planning system”.
Robert Jenrick, Housing secretary, said: “As we get Britain building we are also laying the foundations for a green economic recovery by investing in vital infrastructure for local communities, creating jobs and building environmentally-friendly homes with a huge £1.3 billion investment announced today.
“This government is determined to level up all parts of the country and this funding will not only give a much-needed boost to our economic recovery, it will help build the good quality, affordable homes the country needs.”
Source: Property Reporter