Housing infrastructure funding will provide up to 20,000 new homes
The Chancellor of the Exchequer has announced that a sum of £250M will be invested out of the Housing Infrastructure Fund (HIF) to provide the necessary infrastructure for the delivery of up to 20,000 new houses across the country.
To be specific, the funding from the HIF will be used to cover the cost of establishing housing infrastructure such as roads, schools, public transport, and utilities in regions which include the Midlands, the East of England, and the South East.
Projects which will benefit include the ‘Slyfield Area Regeneration project’ in Surrey, which will receive £52.3M to support the reallocation of a water treatment facility and will create 1,500 new homes, as well as the ‘East of Ipswich Strategic Highway Works’ in Suffolk, which will gain £19.8M and will aid in the delivery of up to 2,000 new homes.
Furthermore, the ‘St George’s Barracks project’ in Rutland will deliver a new school, after receiving £29.4M and should aid in the construction of 2,245 homes, whereas the ‘A40 Smart Corridor project’ in Oxfordshire will be granted £102M and will assist in the provision of 5,050 homes.
Adding to this, the ‘Swale Transport Infrastructure project’ in Kent will deliver road improvements to two junctions of the A249 through funds of £38.1M from the HIF, and will make the delivery of 7,899 homes possible, while, finally, the ‘Melton Mowbray Southern Distributor Road project’ in Leicestershire will gain £14.7M and will help to provide 2,340 homes.
The Chancellor of the Exchequer, Sajid Javid stated: “When I was Housing Secretary, I set this fund up to help ensure homes can be built in areas that need them the most and enable people to live where they want.
“I have now launched an infrastructure revolution and this step-change in funding will ensure that all parts of the country benefit as we level-up opportunities.
“This £250M will increase the number of houses available to buy and help support people to achieve their dream of home ownership.”
The Housing Secretary, Rt Hon Robert Jenrick MP added: “This government is committed to buildings the houses this country needs, so that more people can realise the dream of owning their own home.
“This funding will ensure that communities have the right infrastructure to enable new homes to be built, such as road and transport improvements.”
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