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Osborne announced measures to boost housing build

Tue 17th December 2013, 5:11 pm

Chancellor George Osborne announced in this year’s autumn statement a few measures that should boost housing development around the country.

Local Infrastructure Fund

Investment of £1 billion from the government’s Local Infrastructure Fund is proposed, to accelerate delivery of large housing schemes by funding upfront works such as utility installations or infrastructure networks.

The investment will help deliver 250,000 new homes, according to Osborne, and will be administered by the Homes and Communities Agency (HCA).

Andy Rose, chief executive of the HCA, said: “An additional £1 billion for large scale housing developments demonstrates the government’s commitment to supporting housing throughout the next spending period.”

Borrowing limit

The amount local authorities can borrow to build affordable homes will be raised to £300 million for the coming years.

Funds will be allocated to authorities by the HCA on a competitive basis, with an important criterion being the efficiency with which the authority is making use of its local assets.

The measure should lead to 10,000 new affordable homes in the coming years.

The full statement can be read here

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