Pickles: Growing Places Fund will kickstart stalled building projects
The government has announced details of the Growing Places Fund, a £500 million fund to help kickstart housing and infrastructure that have stalled due to the recession. The fund will help “get Britain building again” by covering up-front capital costs that are preventing projects getting off the ground, according to Communities Secretary Eric Pickles.
Pickles said: “The £500 million Growing Places Fund will unlock much-needed local infrastructure and get the homes we need built. It will be Local Enterprise Partnerships, made up of the people and businesses who know their local areas best, who will decide where this cash boost will be spent. I now want to see these partnerships coming together and finding innovative ways to unlock local sites and help get Britain building again.”
The Fund “will put local businesses and organisations in the driving seat, with the 38 Local Enterprise Partnerships able to apply for the funding and then take decisions about what to prioritise locally. Councils will support these plans with their technical and financial expertise – leaving Local Enterprise Partnerships free of red tape and better able to focus their attentions on ensuring the funds go to where they will be used most effectively,” according to DCLG.
The entire £500 million will be allocated from the end of January 2012.