Andy Street Scoops £100M Housing Deal, But Another £250M Still Uncertain
The first stage of West Midlands Mayor Andy Street's £1B property plan has won the backing of Chancellor Philip Hammond. But another £250M funding is still uncertain.
The Chancellor's Spring Statement — delivered Tuesday in the House of Commons — revealed £100M backing for a West Midlands housing delivery plan.
The Treasury said the funding would support the delivery of 215,000 new homes in the region by 2031.
"The funding, which will help acquire land and prepare it for housing as well as increasing density, recognises the Mayor’s commitment to increase delivery to nearly 16,000 homes a year and ensure that all local authorities in the area have local plans in place by the end of 2019 that reflect the commitment to deliver 215,000 homes," a Treasury statement said.
The government has opened the way to a further £250M — but has not guaranteed it. The Treasury statement says they will be taking a bid for the Housing Infrastructure Fund Forward Funding bid for Housing Growth Areas including the Commonwealth Games site at Perry Barr through to co-development. This is the next stage of the competitive HIF process.
As well as the Perry Bar site the bid, if successful, will include Greater Icknield and Smethwick in Birmingham and Sandwell; Kings Hill, Westwood Heath and Coventry Ring Road Junction 7 in Coventry; and the U.K. Central development at Balsall Common in Solihull.
The announcement comes ahead of a planned announcement next week setting out the 44 areas the government will work with through the Housing Infrastructure Fund.
