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Bids re-open for £100m of project restart funding

The Homes and Communities Agency and housing minister Grant Shapps are inviting bids for at least £100m of funding for housing projects experiencing financial difficulties.

The Get Britain Building funding will be available to developments of as few as 15 houses that have been suspended. Bids will be accepted until noon on 25 July, and must be for projects starting on site by 31 March next year, with all homes completed by 31 March 2015.

The second round of cash has been made available as schemes withdraw from the programme, do not pass due diligence tests, or are allocated less of the funding than expected.

The money can be taken as a commercial loan or as an equity risk share.

The £570m Get Britain Building fund is aimed at unlocking 16,000 homes by 2015. It replaces Labour’s Kickstart regime, which was worth £900m over two years.

Funds have so far been earmarked on 40 schemes, with work underway in Ashford, Kent and Bath.

Chief Executive Pat Ritchie said: “I’m pleased that we are able to extend the reach of the Get Britain Building programme, giving many more developers who have struggled to secure finance the opportunity to apply for the investment they need.”

“We will continue to be thorough in our due diligence, and will only support those schemes backed by the community, which boost the local economy, and provide a secure and value for money investment for the taxpayer.”


Readers' comments (1)

  • This initiative certainly targets much needed activity in the industry. I would ask the Scottish goverment to replicate this as Scotlands building industry continues to fight a tough battle.

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