In the 2014 Budget the Government announced that, as part of a package of additional measures to support the custom-build housing sector, it would introduce a £150 million repayable fund to bring forward serviced building plots for custom build housing. The fund will also help support the forthcoming new ‘Right to Build’ which, when implemented, will give custom builders a right to be found a plot by their local council.
Funding will be on the basis of a fully recoverable loan. The programme will operate by making direct investments in specific projects through loans to bring forward serviced building plots for custom build projects. It will only be payable to non-public-sector recipients.
The Fund will provide loan finance to bring forward sites of 5 or more serviced plots. These are ‘shovel ready’ sites with planning permission, where plots or parcels are laid out, the land is ready for construction, access is provided and each plot or parcel has utilities/services provided to the plot/parcel boundary.
The Fund is intended to be open to applications from 2014/15 until 2019/20. The total fund must be drawn down by 31 March 2020.The initial bidding round, launched on 26th June, invites Expressions of Interest from eligible applicants to be submitted by noon on 30 September 2014.
The Fund will be available in England only and will be managed by the Homes and Communities Agency. In London, arrangements will be agreed with the Greater London Authority and set out shortly.
John Stewart Director of Economic Affairs
Home Builders Federation
London, SE1 9PL
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