The Department for Communities and Local Government has launched a Builders Finance Fund to help builders deliver housing developments, which have slowed down or come to a halt due to lack of finance.
The £525m fund is aimed at assisting builders, who are working on between 15 and 250 housing units and have faced difficulties in securing finance for their development. Government loans will be available with appropriate interest rates and the fund will focus on projects, which can start or re-start quickly.
The Homes and Communities Agency is running an open competition for the fund, which formally opens on 14 May 2014 and closes at noon on 25 June 2014. Bidding will be open to all private organisations and it is hoped that successful schemes will have contracts in place by February 2015.
Coun Derek Evans, portfolio holder for housing strategy and regeneration said: “This is a very good opportunity for smaller house builders and developers who own land with planning permission in Mansfield to bid for funding.
“We are aware of several housing developments in the District that have received planning permission, but the applicants have not started building. If these schemes meet the criteria set out in the prospectus, this funding may help to kick start their developments and provide much needed housing. The Council is happy to offer advice and guidance and discuss schemes with interested parties.”
For further information on the Builders Finance Fund, visit www.homesandcommunities.co.uk/ourwork/buuilders-finance-fund or email Builders.FinanceFund@hca.gsi.gov.uk
To discuss any local schemes, contact Mansfield District Council on 01623 463123.