Magazine article Public Finance

Ten Frozen Housing Schemes Given £10M to Finish the Job

Magazine article Public Finance

Ten Frozen Housing Schemes Given £10M to Finish the Job

Article excerpt

More than £10m is being spent on reviving ten private house building schemes that were moth balled because of the recession.

The money, part of the government's £lbn Kickstart programme, is being allocated to developers and housing associations in the form of loans and grants. It should lead to the completion of 740 homes over the next few months.

Ministers insisted this week that each of the ten schemes selected for support had been rigorously assessed and that the money came with strict terms attached. Almost half would be repaid within five years and less than 20% consists of direct grants to developers, said the Department for Communities and Local Government.

All but one scheme is run by a developer with an established apprenticeship scheme. Housing minister John Healey suggested the extra funding could create about 1,300 training places over the next two years as well as securing existing jobs.

'We are using the power of government investment to build the homes that people need, help get people into jobs and help Britain through the recession,' said Heatey as the allocations were announced on September 14. …

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