Housing minister Mark Prisk has announced that he will launch a £225 million fund to encourage construction for stalled developments.
The funding will come from the £474 million Local Infrastructure Fund, designed to stimulate economic developments and get builders back on sites. Mr Prisk called on councils and developers to make the most of the government funding available.
The Get Britain Building fund, which was launched last year, listed 200 stalled building projects that its £570 million fund would help. The list included buildings in Birmingham, Lewisham, Kirklees, Manchester and the building of 1,300 homes.
As part of the new multi-million funding will be a £24.7 million loan to Reading University to help reboot a large-scale site in Wokingham, Reading.
The minister said: “I’m delighted that the £25 million investment in the future of Wokingham will help tackle the transport troubles that are stopping the building of 2,500 homes in its tracks. But with dozens of similar stalled sites across the country, I’m determined to do more.”
The site in Wokingham will construct 2,400 new homes, two primary schools, a neighbourhood centre and shops as well as park and ride facilities and a new science and research park. The investment will be used to build a new access road and bridge from the new development to Wokingham town centre.
The investment in Wokingham is the fourth large-scale site that the government has helped to accelerate since August last year. Although it has also encouraged other developments, such as helping a 22,000 home site in Kent, gave Exeter £22 million to create 1,500 more jobs as well as new London rail links and 6,300 homes and it will further develop a site in Milton Keynes which will deliver 6,000 new homes when finished.
Mr Prisk said: “With funding on offer in the form of recoverable loans, this is a win-win for the taxpayer - delivering thousands of homes and getting more bang for our buck.”
The fund adds to the range of measures introduced since 2010 to try and get Britain building, helping first time buyers onto the property ladder and make full use of the country’s housing potential.
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