The Government has announced that it will release an extra £150m for the Get Britain Building Fund, taking the total to £570m.
Housing Minister Grant Shapps said yesterday (19 March) that over 200 stalled building projects will get a share of the multi-million pound pot.
The fund is being targeted at commercially viable, 'shovel ready sites' with planning permission already in place to get them building again as soon as possible.
The Get Britain Building investment fund will get development finance directly to building firms. Funding will be provided through recoverable investments, with the majority being commercial loans, ensuring that money will be returned to be reinvested in other initiatives.
The fund was three times over-subscribed and the Homes and Communities Agency has shortlisted the strongest bids from almost 400.
The list includes:
Marine Wharf, Lewisham, includes plans for 189 new homes
Marmaville, Kirklees, includes plans for 65 homes
Bromford Lane, Birmingham, includes plans for 42 homes
Royal Mills Phase 2, Ancoats, Manchester, includes plans for 128 homes
Finzels Reach, Bristol, includes plans for 204 homes
The successful bids include a high proportion of developments by smaller and medium sized builders and will be thoroughly assessed through due diligence before funding is allocated and formal contracts are signed.
A shortlist of 18 difficult stalled sites has already been announced by ministers and these will share the first £45m of the funding. Some of the projects are scheduled to start building from next month.
Grant Shapps said: 'Housebuilding is absolutely vital for delivering more growth in the economy, yet hundreds of shovel-ready housing developments have been put on ice, because builders lack funds to get work going on site.'
'The £570 million Get Britain Building Fund will help end the deadlock by getting construction back on track for up to 16,000 homes across the country,' he added.
