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Construction News
17/07/2012
Developers Urged To Bid For Cash To Restart Stalled Housing Schemes
Plymouth City Council is urging developers to bid for funding to help kick-start stalled housing schemes.
The deadline for bids in the second round of the Government's Get Britain Building (GBB) fund is now just over a week away.
The fund aims to unlock stalled housing projects, particularly those facing challenges in securing development finance.
Yo be eligible, schemes must have:
•15 or more units
•at least 50 per cent open-market housing
•detailed planning permission in place by 31 December 2012
•Section 106 in place by 31 January 2013
The Council is encouraging developers with eligible schemes to put forward expressions of interest to the Homes and Communities Agency by the deadline of noon on 25 July 2012.
During the first round there was a good response from landowners and developers which secured around £5 million.
Councillor Mark Lowry, Cabinet member for Finance, said: "We have millions of pounds worth of developments in our city with planning permission already agreed. Plymouth is looking for economic growth and is desperate for more housing and jobs. The money being offered should help fund any potential financial viability gap.
"It would be disappointing if developers were not able to take up this offer. They will really need to move fast to benefit from this funding."
(CD/GK)
The deadline for bids in the second round of the Government's Get Britain Building (GBB) fund is now just over a week away.
The fund aims to unlock stalled housing projects, particularly those facing challenges in securing development finance.
Yo be eligible, schemes must have:
•15 or more units
•at least 50 per cent open-market housing
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•detailed planning permission in place by 31 December 2012
•Section 106 in place by 31 January 2013
The Council is encouraging developers with eligible schemes to put forward expressions of interest to the Homes and Communities Agency by the deadline of noon on 25 July 2012.
During the first round there was a good response from landowners and developers which secured around £5 million.
Councillor Mark Lowry, Cabinet member for Finance, said: "We have millions of pounds worth of developments in our city with planning permission already agreed. Plymouth is looking for economic growth and is desperate for more housing and jobs. The money being offered should help fund any potential financial viability gap.
"It would be disappointing if developers were not able to take up this offer. They will really need to move fast to benefit from this funding."
(CD/GK)
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