A £2.3Bn fund which could potentially unlock 100,000 new homes in areas of high demand has been launched by the Communities Secretary, Sajid Javid.
The investment will help to fund the building of physical infrastructure projects such as roads, bridges, energy networks and other utilities, the absence of which continues to hold house building back.
In response to this, the new investment through the Housing Infrastructure Fund (HIF) is now open 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 ease pressure on public services. Once proposals have been approved, local authorities will be able to begin building the necessary infrastructure immediately and for the homes to follow quickly afterwards.
HIF is part of the government’s wider £23Bn 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.
The Housing Infrastructure Fund will also make sure we have better public services in place for local communities.”
Home Builders Federation Planning Director Andrew Whitaker welcomed the launch, saying it would remove barriers preventing housing projects from being delivered. He commented: “Direct support for critical infrastructure will not only unlock more housing, it should also help to accelerate planned developments.
Local authorities that plan for growth should be supported and that will, in turn, allow house builders to get on and deliver the homes our communities so desperately need.”
Source – UK Construction Online