The prospectus invites organisations to submit expressions of interest from sites in Enterprise Zones or large housing sites with over 1,500 units. The DCLG said it will work with large scale housing schemes bidding for investment to consider how investment can be complemented by offers of brokerage, planning support and capacity support.
The prospectus sets out the core eligibility criteria for funding. These include that funding will be provided on a recoverable basis, that appropriate security for the investment is in place and that all investments will have to be state aid compliant.
Investment from the fund will be available either as loans or as equity where the Homes and Communities Agency will invest alongside a bidder's equity investment.
The fund was announced by Chancellor George Osborne in his Autumn Statement in December. Communities Secretary Eric Pickles yesterday announced that £59m of the fund will be allocated to Enterprise Zones to unlock stalled business sites by providing the necessary infrastructure.
The closing date for submissions of expressions of interest is 3 April.
