The Homes and Communities Agency is to pump £700 million into housing construction in the West Midlands over the next two years.
West Midlands minister Ian Austin MP yesterday unveiled the West Midlands Regional Housing Action Plan. It aims to help sustain housing growth and renewal during the downturn, as well as retain construction skills and capacity in the region to respond to the recovery.
The Plan includes:
More than £300 million to provide 7,500 affordable new homes
- £80 million to unblock regeneration projects and provide 2,300 new homes and 20,000 sq m of new employment floorspace
- £100m to refurbish properties and support new homes in North Staffordshire, Birmingham and Sandwell
- £70m to enable local authorities to accelerate housing growth plans
- £212 million for local authorities and housing associations to bring affordable homes up to the Decent Homes standard
Mr Austin said: “The construction industry has been hit really hard by the downturn and we’ve got families and first time buyers desperate to get a home of their own.
“The Housing Action Plan I’ve worked on with the HCA shows that the Government is providing real help now with a £700 million boost to create new homes, unblock regeneration projects and, most importantly, improve the lives of local people.”
Government housing and regeneration agency the HCA has a £17.3 billion budget to spend over the next three financial years.