Out-Law / Your Daily Need-To-Know

DCLG opens for £50m Local Growth Fund bids

Out-Law News | 24 Apr 2014 | 4:13 pm | 1 min. read

Developers have been invited to bid for a share of funding made available by the UK government to invest in infrastructure that supports new homes.

The Department for Communities and Local Government (DCLG) this week published a prospectus on how to access the £50 million part of its Local Growth Fund in 2015 to 2016. The fund is designed to help speed up and restart locally-led housing developments of between 250 and 1499 units which have slowed down or stalled.

The funding will be provided using the model already established for the Local Infrastructure Fund, as part of which £1 billion of investment and a package of support to unlock local housing schemes of over 1,500 homes was launched last week.

The DCLG said that schemes bidding for funding must have the support of their Local Enterprise Partnerships. They must also be able to demonstrate local support through either having at least outline planning consent or the site being designated for development in an adopted local plan.

"We’re doing all we can to get the country building, and provide developers with a chance to get on site and start building local housing schemes that are vital for supporting local economic growth," said Housing Minister Kris Hopkins in a statement.

"The £50 million fund will help deliver the infrastructure local communities need to support new homes, and comes on top of the £1 billion we’re making available to unlock large-scale sites that stalled at the end of the unsustainable housing boom. This substantial investment will lead to thousands of new homes across the country, and deliver new career opportunities in the growing construction industry," he said.

Expressions of interest in the fund must be submitted by 30 May. The DCLG said it aims to shortlist bids by July 2014 following assessment by the Homes and Communities Agency.