Britain launches £2.3 billion fund to help with housing infrastructure
The British Government announced the launching of a £2.3 billion fund in a bid to help local communities resolve their housing infrastructure problems. The money will should support investments in roads, bridges and utility networks.
Britain’s Communities Secretary, Sajid Javid, announced the launching of a £2.3 billion fund aimed at supporting investments in vital physical infrastructure projects like the building of roads, bridges, energy networks and other utilities, the absence of which continues to hold housebuilding back.
“To build the homes this country needs, we need to deliver the right infrastructure in the right place at the right time”, said Sajid Javid. “By investing in local infrastructure, we can help unlock building thousands of new homes in the areas where they are needed most.”
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Local authorities across England are asked to come forward with proposals for the Home Infrastructure Fund in order to get the financing they need to make homes get build faster. According to the Government, once proposals have been approved, it is expected that local authorities would begin building the necessary infrastructure immediately.
Funding will also be available to help build new schools, healthcare centres and digital infrastructure, much needed by growing communities and these investments will also help alleviate some of the pressure facing the public systems.
According to official estimates, the new fund could help created 100,000 new homes in areas of high demand, constructions that are not being build due to the lack of infrastructure.
“Funding necessary infrastructure will give local authorities the opportunity to remove barriers to developments being delivered”, said Home Builders Federation Planning Director Andrew Whitaker.” Direct support for critical infrastructure will not only unlock more housing, it should also help to accelerate planned developments. Local authorities that plan for growth should be supported and that will, in turn, allow house builders to get on and deliver the homes our communities so desperately need.”
The £2.3 billion of capital grant funding will be allocated to local authorities on a competitive basis and it will be available from 2017-18 to 2020-21. The HIF is part of the £23 billion National Productivity Investment Fund, announced last autumn.
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