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A significant financial boost of up to £500 million has been made available for new housing and mixed-use regeneration initiatives throughout Greater Manchester. This comes as a result of a groundbreaking agreement forged between the Combined Authority and the National Housing Bank, the public financial institution of Homes England.
This pioneering agreement marks a first for England, building upon a robust history of innovative partnerships that have facilitated transformative projects, such as Victoria North and the Stockport MDC. Notably, Greater Manchester previously became the first combined authority to establish a Strategic Place Partnership with Homes England, the government’s designated housing and regeneration agency.
Investment Opportunities for Local Projects
The new accord paves the way for a potential investment of up to £500 million into various projects, complementing the Greater Manchester Good Growth Fund, which was introduced just a year ago. To qualify for funding, all projects must align with the National Housing Bank’s objectives, with each proposed investment subject to the Bank’s standard due diligence, governance, and approval processes.
The Mayor of Greater Manchester, Bev Craig, expressed her views on the matter: “In the past decade, Greater Manchester has experienced unparalleled growth compared to other regions in the UK. However, not all residents or areas have yet reaped the rewards of this progress. The Good Growth Fund was established to ensure that this growth benefits all communities, leaving no one behind.”
Craig further noted the positive outcomes observed in the Fund’s first year, highlighting the construction of new homes, the revitalisation of town centres, the emergence of new businesses, and the creation of jobs. “While we have accomplished much, there is still more to be done,” she added.
A Commitment to Community Development
The Mayor emphasised the importance of the Social Contract, which mandates that recipients of public funds contribute to local communities, enhancing Greater Manchester for everyone. By fostering new apprenticeships, work placements, and opportunities for local enterprises, the impact of this investment is expected to resonate within the community for generations.
“Good jobs, opportunities for our youth, and affordable housing in thriving communities are all essential components of sustainable growth,” Craig concluded, underscoring her vision for Greater Manchester.
Simon Century, Chief Executive of the National Housing Bank, remarked on the collaborative nature of the agreement: “This initiative is underpinned by both national and local expertise, supported by purpose-driven finance and propelled by regional ambitions. It builds on a solid foundation of successful partnerships with the Mayor, local leaders, and residents who possess invaluable insights into the region’s needs.”
Addressing the Housing Crisis
Paul Dennett, Deputy Mayor of Greater Manchester and City Mayor of Salford, highlighted the significance of the Good Growth Fund in addressing the housing crisis. He stated, “This Fund represents a vital response to the urgent need for housing in our region, utilising Greater Manchester’s growth to facilitate the construction of more social and affordable homes, enabling residents to secure safe and healthy living environments.”
Dennett further elaborated on how public investment is unlocking complex sites, allowing for the quicker development of affordable, energy-efficient, and accessible homes. He stressed the importance of ensuring the necessary transportation, services, and infrastructure are in place to create sustainable, well-connected, and safe communities.
“Our approach with the Good Growth Fund links investment to social value expectations, ensuring developments not only generate quality jobs but also foster early-career opportunities, including apprenticeships, while supporting environmental objectives and accessibility requirements,” Dennett added.
The Role of the National Housing Bank
The National Housing Bank, a subsidiary of Homes England, is dedicated to facilitating purpose-led financing for housing delivery. Its primary aim is to dismantle barriers to large-scale investment and accelerate the regeneration and development of communities across England.
In summary, this collaboration signifies a progressive step towards addressing housing challenges and fostering sustainable growth in Greater Manchester, ensuring that the benefits of development are felt widely across all communities.
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