Today the Government announce that we will invest £866 million to help unlock up to 200,000 new homes through 133 marginal viability fund projects, within the housing infrastructure fund.
The Government have set out a plan that puts us on track to increase housing supply to 300,000 homes a year and this first wave of funding from the £5 billion housing infrastructure fund is part of a comprehensive programme to fix the broken housing market.
This investment will fund key local infrastructure projects including new roads, cycle paths, flood defences and land remediation work where it is needed for new housing to be built. Without this financial support, these projects would struggle to go ahead or take years for work to begin, delaying the homes these communities need.
The marginal viability fund was available to all single and lower-tier local authorities in England to bid into.
We received 430 bids from local authorities, worth almost £14 billion in total. This shows how much local authorities are willing to step up to fix the broken housing market, and we are committed to supporting this ambition. Bids went through a rigorous assessment process and were assessed on the basis of their strategic approach, value for money and the ability of the projects to be delivered. We are putting infrastructure at the heart of housing delivery and are committed to bringing communities, local authorities and the private sector together to solve this problem.
The second component of the housing infrastructure fund—the forward fund—is available to the uppermost tier of local authorities in England to bid into, and aims to pump prime a small number of strategic and high-impact infrastructure projects. Expressions of interest for forward funding are being assessed and the best proposals will be shortlisted to go through to co-development shortly. Local authorities will submit their final business cases with successful bids announced from autumn 2018 onwards.
The full list of successful marginal viability fund projects, and the indicative amount we are awarding (subject to final financial clarifications) can be found on the Ministry of Housing, Communities and Local Government website at: