Govt invests £420m to build new homes
23rd Dec 2011
Thousands of new build homes are to be erected across the country thanks to a £420 million government fund.
The Get Britain Building Fund is designed to get builders back on housing sites that have been shut down due to difficulties in accessing development finance.
Housing Minister Grant Shapps said today that the measures are designed to help build the homes Britain desperately needs. It is projected that the scheme will unlock up to 16,000 homes on sites that are currently stalled.
Furthermore, it will also aid the creation of new jobs, with 30,000 positions predicted to come out of the scheme.
Developers can apply for a loan either at commercial rates, or as in equity investment, whereby the government invests alongside the developer.
The projects selected to receive the funding will be ones that fit in with local priorities, Mr Shapps said, adding that the delivery of value for money would also be a top priority.
"This is not a simple handout - the taxpayer will get a return on their investment, with the homes the country needs built and 30,000 jobs created. And because developers will be expected to pay back the money once their projects are completed, we will be able to continue unlocking sites for even more homes across the country," he said.
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