Latest Public Sector News

09.09.14

Government publishes shortlist for £525m Builders Finance Fund

The government has published a shortlist of 165 smaller housing developments that could benefit from a share of the £525m Builders Finance Fund.

The fund, launched in April, is intended to help unlock “shovel ready” sites of between 15 and 250 homes that have the support of the local community but need help to get development going. The current shortlist is expected to get work started on 12,843 homes.

Ministers said that with high demand for the fund, more developers will be invited to put forward their bids over the coming months as part of a rolling programme to unlock homes.

Chancellor George Osborne said: “I am pleased to see progress with the Builders Finance Fund which will help unlock thousands of stalled housing units by providing house builders with access to finance.

“The government’s long-term economic plan is supporting businesses who are creating job opportunities, and in this case, building homes for hard working taxpayers up and down the country.”

The funding comes in the form of loans which the developers have to repay on completion and sale of the homes.

In addition to homes, the fund is also expected to generate thousands of new jobs. Communities secretary Eric Pickles said: “Thanks to the Builders Finance Fund, work will get started on over 160 sites across the country that had been brought to a standstill by the 2008 housing crash.

“This half-billion pound government investment will ensure we deliver up to nearly 13,000 new homes, and the same number of jobs, getting workers back on site and Britain building.”

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