A £2.3 billion fund which could unlock 100,000 new homes in areas of high demand has been launched by the Communities Secretary, Sajid Javid.
The Communities Secretary said that the investment will help to fund vital physical infrastructure projects like the building of roads, bridges, energy networks and other utilities, the absence of which continues to hold housebuilding back.
The new investment through the Housing Infrastructure Fund (HIF) aims to solve this problem and opens for bids for local authorities across England to come forward with proposals to help get homes built faster.
Funding will also be available to help build new schools, healthcare centres and digital infrastructure to accommodate growing communities and alleviate pressure on public services.
Once proposals have been approved, it is expected that local authorities would begin building the necessary infrastructure immediately and for the homes to follow quickly afterwards.
HIF is part of the government’s wider £23 billion National Productivity Investment Fund, which targets spending on areas critical to boosting productivity, including on housing, transport and digital communications.
Communities Secretary, Sajid Javid, said, “To build the homes this country needs, we need to deliver the right infrastructure in the right place at the right time. By investing in local infrastructure, we can help unlock building thousands of new homes in the areas where they are needed most.”
Exchequer Secretary to the Treasury, Andrew Jones said, “Where we live plays a huge part in our lives; from the distance of our commute to the local facilities available. By ensuring we have enough housing in areas where it is needed the most, we can boost productivity and support new communities to grow and thrive.
“This money is part of our £23 billion National Productivity and Investment Fund, which will ensure Britain is match fit for the future.”
LGA Chairman, Lord Porter said, “Going forward, what’s crucial is that the arrangements to access this fund are flexible, especially around different housing tenures, and that all councils can access funds to deliver housing for their communities.
“Councils know their communities, and the places in them, best and so it’s right that approaches to invest in local infrastructure are led by local authorities.”