REC recently attended a construction and development workshop in Bristol where Jay Lambe, Area Manager of the West of England, detailed the HCA funding currently available from the Homes and Communities Agency for housing developers to enable progress on sites under a package of support announced by the Chancellor last Autumn. Projects for each tier of funding should be deliverable, show value for money and should preferably have at least outline planning consent.
Brief information regarding the three tiers of funding is given below and more detailed information including guides for applying for HCA funding can be found on the included links.
Large Sites Infrastructure Programme
The £1bn Large Sites Infrastructure Fund is available over the 2015/16 to 2019/20 period to reflect the longer term nature of large housing schemes (greater than 1500 unit schemes).
- Access to a £1bn Fund to enable delivery of the major infrastructure.
- A Local Capacity Fund to enable local authorities to put in place the skills and capacity that they need to progress schemes through the planning and consent process.
- Access to expert planning and technical advice.
- Dedicated brokerage support from central government.
The first round of HCA funding will close at noon on Friday 30th May.
Local Growth Fund
£50m of the Local Growth Fund will go towards unlocking housing developments ranging from 250-1499 units. The £50m will provide targeted support to sites which are championed by the relevant Local Enterprise Partnership (LEP) where infrastructure, through its early provision, can unlock or accelerate the delivery of housing.
Bidding formally opened on 23 April 2014, and will close at noon on Friday 30 May 2014.
Builders Finance Fund (BFF)
The fund is intended to address difficulties in accessing development finance faced by some housebuilders and to help accelerate and unlock housing developments between 15 and 250 units that have slowed down or stalled completely.
The HCA will run an open competition for the fund, for which investments will be made in 2015/16 and 2016/17. Bidding formally opened on 14 May 2014 and will close on 25th June 2014.
Subject to due diligence, funding will be allocated to schemes in line with the eligibility and prioritisation criteria set out in the prospectus.
Given the experience of the REC land team in the South West looking for information similar to this to unlock potential development sites on behalf of our clients, please contact us on 01793 784 935 if you wish to discuss any of the pre-aquisition, pre-planning and/or other Geo-Environmental services we offer.