Government announces funding for housing and infrastructure projects
The government has confirmed £866m of investment in local housing and infrastructure projects, including new roads, cycle paths, flood defences and land remediation work. Housing Secretary Sajid Javid and Chancellor Philip Hammond announced that 133 council-led projects across England will receive funding to support local work too make housing developments viable and speed up the building of up to 200,000 new homes.
The government has committed to building 300,000 homes a year by the mid-2020s.
The £5bn Housing Infrastructure Fund is a government capital grant programme to help areas with the greatest housing demand. Funding is awarded to local authorities on a competitive basis.
The fund is divided into two streams:
- a marginal viability funds available to all single and lower-tier local authorities in England to provide infrastructure funding to get additional sites allocated or existing sites unblocked. Bids can be up to £10m
- a forward fund – available to the uppermost tier of local authorities in England, for a small number of strategic and high-impact infrastructure projects. Bids can be up to £250m