The UK’s communities Secretary, Sajid Javid has launched a new £2.3 billion funding to unlock 100,000 new homes in areas of high demand.
Key focus of the Fund
- Fund vital physical infrastructure projects like the building of roads, bridges, energy networks and other utilities.
- Bids for local authorities across England to come forward with proposals to help get homes built faster.
- Funding will also be available to help build new schools, healthcare centres and digital infrastructure to accommodate growing communities.
- Once proposals have been approved, it is expected that local authorities would begin building the necessary infrastructure immediately and for the homes to follow quickly afterwards.
- HIF is part of the government’s wider £23 billion National Productivity Investment Fund, which targets spending on areas critical to boosting productivity, including on housing, transport and digital communications.
Sajid Javid, Communities Secretary, 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. The Housing Infrastructure Fund will also make sure we have better public services in place for local communities.
Andrew Jones, Exchequer Secretary to the Treasury, said: “Where we live plays a huge part in our lives; from the distance of our commute to the local facilities available. By ensuring we have enough housing in areas where it is needed the most, we can boost productivity and support new communities to grow and thrive.
This money is part of our £23 billion National Productivity and Investment Fund, which will ensure Britain is match fit for the future.”