Reduce text sizeIncrease text sizeDefault coloursImproved contrastHigh contrastA £420m fund to Get Britain Building was announced on 21 November 2011 by the Prime Minister and Deputy Prime Minister as part of the Government’s Housing Strategy for England.
The programme aims to unlock stalled sites with planning permission to support construction activity and restart work on sites delivering more than 15,000 new homes. It is intended to address difficulties in accessing development finance faced by some housebuilders and to help bring forward marginal sites by sharing risk.
Following a strong response from the sector, the fund was increased by a further £150m to £570m on 19 March 2012. With the additional investment, the HCA has now shortlisted 224 schemes that will be invited to take part in a thorough due diligence process. These schemes underwent an initial assessment by the HCA - looking at value for money, deliverability and fit with local priorities.
These shortlisted projects will now undergo a due diligence process and it is expected that funding allocations to projects will be announced from May, with work restarting on sites across the country from June.
The due dilligence pack and draft certificate of title is now available for shortlisted projects:
Due diligence submissions must be completed and returned to the HCA by the 20 April 2012. Shortlisted bidders will receive an email detailing the process for submitting due diligence submissions.
|
|
Funding |
Homes |
|
East South East |
£52,649,138 |
1,324 |
|
London |
£103,156,000 |
2,712 |
|
Midlands |
£111,744,175 |
3,371 |
|
North East, Yorkshire and The Humber |
£95,259,974 |
2,569 |
|
North West |
£101,661,545 |
2,461 |
|
South and South West |
£59,173,797 |
1,771 |
|
Total |
£523,644,629 |
14,208 |
If you have any queries relating to the programme or the documentation you can email GetBritainBuilding@hca.gsx.gov.uk.
The core documents and supporting documentation, released in December 2011, included:
We also provided information about the calculation of interest rates on loans. We published our standard Heads of Terms on 11 January 2012 and have now made available the contracts for loan, equity A and equity B which successful developers will sign up to.
We have also made available the following documents:
