HCA welcomes £515 million fund to develop surplus government land
Published by Max Salsbury for 24dash.com in Housing and also in Central Government, Development
The Homes and Communities Agency (HCA) has welcomed £515 million in government funds to develop "thousands of new homes" on surplus public sector land.
The housing minister, Mark Prisk, yesterday announced that £100 million of the funds will allow the HCA to purchase surplus public land from central government departments. A further £190 million of the pot will be used to invest in surplus public land to reduce risk and make sites more attractive to potential purchasers.
The remaining £225m is to be put into a rolling programme of recoverable investment and tailored HCA support to a number of large-scale development sites, such as the new Cranbrook community in Exeter, which is on track to deliver over 6,000 new homes.
The HCA's chief executive, Pat Ritchie, who is to stand down in the New Year to become the CEO of Newcastle City Council, said: “We welcome any moves to increase the amount of land available for development and speed up the rate at which it is brought forward to increase housing supply and boost economic growth. We are pleased that government has recognised the expertise of the HCA in managing large portfolios of land and complex development sites, using our understanding of the economics of development and local knowledge.
“This is core business for the HCA, and we will continue to work with partners and use our local relationships, to deliver the homes our communities need as speedily and cost-effectively as possible.”