The Homes and Communities Agency has today opened the bidding on its £150 million Estates Regeneration Programme which is intended to accelerate the regeneration and expansion of large estates through the provision of loans to private developers. The programme was first announced by the Chancellor at the 2014 Budget.
Only private developers, either alone or as part of a joint venture, can bid for Estate Regeneration funding, delivering regeneration through the redevelopment of existing social housing estates. Funding should be used for costs associated with land assembly (including leaseholder buy-outs), de-canting/re-housing, demolition and infrastructure works. Private bidders must demonstrate that they are materially invested in the scheme, have support from the local authority (this can be a written letter of support, in-kind support or financial assistance).
Funding – in the form of fully recoverable loans – is being made available over four years, from 2015 to 2019 and the deadline for bids for FY 2015/16 is 12th September.
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