Home-building councils reap £668m reward
The Government has ring-fenced the millions for the New Homes Bonus for 2013-14, bringing the total amount of funding since the grant was first paid in April 2011 to £1.3bn.
Housing minister Mark Prisk said the Government was backing councils that built homes people needed: “This country needs to build more homes, and that’s why the government is giving communities a reason to say ‘yes’ to growth through the New Homes Bonus.”
The funding will reward councils for delivering over 142,000 homes, including 58,000 affordable properties, and bringing almost 18,000 long-term empty properties back into use.
At £16m, the inner-city London borough of Tower Hamlets received the most funding, followed by Birmingham and Cornwall UA.
Councils have autonomy over how they spend the New Homes Bonus, although they are expected to consult with the local community.
The Government also today released the details of plans to guarantee loans to providers to new build affordable housing and rental properties.