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Extra £150m for stalled building funds

Prime Minister David Cameron has announced an extra £150 million for the Get Britain Building fund designed to help provide development finance to builders.

The total fund will now be worth £570m which is expected to support as much as 16,000 new homes and support 30,000 construction jobs.

Alongside the announcement, Housing minister Grant Shapps outlined 200 stalled housing schemes which could benefit from the money.

The fund was three times over-subscribed and the Homes and Communities Agency today has shortlisted the strongest bids from nearly 400, based on value for money, how quickly they will be delivered and the level of local support.

The list includes:

  • Marine Wharf, Lewisham - includes plans for 189 new homes
  • Marmaville, Kirklees - includes plans for 65 homes
  • Bromford Lane, Birmingham - includes plans for 42 homes
  • Royal Mills Phase 2, Ancoats, Manchester - includes plans for 128 homes
  • Finzels Reach, Bristol - includes plans for 204 homes

The successful bids, which include a high proportion of developments by smaller and medium sized builders, will now be assessed through due diligence before funding is allocated and formal contracts can be signed.

The £570m fund is being targeted at commercially viable, shovel-ready sites with planning permission already in place to get them building again as soon as possible.

Ministers have already announced a shortlist of 18 difficult stalled sites for a share of the first £45 million of this funding to get them back on track and build 1,300 homes, which will help breathe life back into communities across the country.

Some of these key projects due to start building from April.

Housing Minister Grant Shapps said:  “Housebuilding is absolutely vital for delivering more growth in the economy, yet hundreds of shovel-ready housing developments have been put on ice, because builders lack funds to get work going on site.

“The £570 million Get Britain Building Fund will help end the deadlock by getting construction back on track for up to16,000 homes across the country. Already some of our key sites are on track to get started next month, and many more of the 224 projects shortlisted today will be up and running from June, helping to cement our economic recovery.”

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