Homes England has introduced the Brownfield, Infrastructure and Land Fund designed to support their partners and project in grant and equity activities
The aim of the Brownfield, Infrastructure and Land Fund is to improve housing-led opportunities which support economic growth and long-term housing supply.
At least 60% of the fund will be focused on developing brownfield land.
Homes England will invest around £1bn to create 40,000 homes, 200,000 sqm of employment floorspace and to stimulate new levels of private sector investment.
The majority of funding will go towards projects within the Greater London Authority, Greater Manchester, and West Midlands Combined Authority areas.
Funds are expected to be accessed locally, following government-approved arrangements.
Local authorities can qualify for the Brownfield, Infrastructure and Land Fund if:
- They meet the strategic aims of the fund.
- The project would not progress without funding.
- New housing will be developed through the project.
- The project represents value for money.
- They are a UK-registered corporate entity, limited liability partnership, or English local authority or public entity.
- The project will be contracted by 31 March 2026.
The housing secretary is also supporting new housing developments
Yesterday, housing secretary Michael Gove announced a £24m plan to relax planning rules for the development of new homes.
The government aims to build one million homes between 2019-24.
This is despite doubts from the Levelling Up, Housing and Communities Committee about achieving the target of 300,000 net new homes per year by the mid-2020s.
However, prime minister Rishi Sunak backed the government’s commitment to delivering the required housing during his speech on Monday, 24 July.
The proposals include a training fund to develop skills needed to increase housebuilding. There is also a focus on building homes in urban areas instead of encroaching on the countryside.
The Brownfield, Infrastructure and Land Fund will make housebuilding easier
Homes England will work with project owners to assess their specific requirements and decide the best delivery approach.
This could involve providing grants, loans, partnership equity, or a combination of these options.
The fund can also be used by Homes England to directly acquire land.
Another aim of the Brownfield, Infrastructure and Land Fund is to optimise value for money, and if possible explore repayment or profit-sharing mechanisms.
