The government has announced billions of pounds in funding will be put towards building new homes
The Housing Infrastructure Fund (HIF) will help fund vital physical infrastructure projects, and could help create 100,000 new homes in areas of high demand.
£2.3 billion of capital grant funding will be allocated to local authorities on a competitive basis.
Communities secretary, Sajid Javid, who launched the plans this week at the LGA Conference in Birmingham, said the investment will help to fund vital physical infrastructure projects like the building of roads, bridges, energy networks and other utilities, which will in turn aid in the building of new housing.
Mr Javid said: “To build the homes this country needs, we need to deliver the right infrastructure in the right place at the right time.
“By investing in local infrastructure, we can help unlock building thousands of new homes in the areas where they are needed most.”
HIF is part of the government’s wider £23bn National Productivity Investment Fund, announced in the Autumn Statement 2016, which targets spending on areas critical to boosting productivity. This recent investment aims to get homes built faster, with funding also available to help build new schools, healthcare centres and digital infrastructure. These will help accommodate growing communities and alleviate pressure on public services.
According to the government the fund will support councils in their plans for growth, as well as releasing more land for housing and the building of well designed homes.
The chairman of the Local Government Association, Lord Porter, said of the investment: “We’re pleased that the government has followed through on its commitment to invest in infrastructure linked to housing, and that this to be led by councils,
“Councils know their communities, and the places in them, best and so its right that approaches to invest in local infrastructure are led by local authorities.”
Once proposals have been approved, it is expected local authorities will begin building the necessary infrastructure immediately, and then for homes to follow quickly afterwards.