Government announces £624 million housebuilding infrastructure fund

Toby Weiss

Toby Weiss

Corporate Marketing Manager at Reapit

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Government announces £624 million housebuilding infrastructure fund

The government announced on 5 November a new £625 million infrastructure fund, some of which will be available for housing development.

Loan funding of at least £624 million will be available for house builders, including SMEs, to improve the vital infrastructure needed to kick-start new housing projects, with a particular focus on transforming brownfield sites.

The loan funding paves the way for up to 116,000 new homes to support people on to the housing ladder and will boost smaller building firms and create thousands of new jobs. The funding is part of the £2.2 billion loan financing made available at Spending Review 2020 to support infrastructure and drive housing supply.

Loans will be administered by Homes England through the Home Building Fund – an existing housing supply programme that makes loan finance available to developers. The funding, to be committed from 2021/22 to 2024/25 with terms of up to 20 years, will enable a continuation of the existing Home Building Fund.

Housing Minister Christopher Pincher said: “We are building the right homes in the right places so more young people and families can get on the housing ladder. Improving transport links, building schools and health facilities are key to unlocking new homes and creating vibrant places where communities can thrive. This money will build on our commitment to bring derelict and abandoned sites back to life, regenerating towns and cities as we level up across the country.”

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Press Release: £624 million of loan funding to support thousands of new homes and improve vital infrastructure

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