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Builders Get Public Money To Finish Schemes

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Builders get public money to finish stalled developments

« Previous « PreviousNext » Next »View GalleryPublished Date: 27 July 2009

MILLIONS of pounds of public money will be used to boost 26 building projects in Yorkshire and the Humber which have stalled due to the recession.

The cash - part of a £1 billion national campaign - is aimed at developers and housing associations who could restart projects by the end of the year but are struggling to get money.

Up to 2,088 new homes in Yorkshire and the Humber could be creatADVERTISEMENTed by the Government project, which should also lead to thousands of new jobs in the region.

One project included is the Saxton scheme in Leeds, which could deliver up to 305 homes.

Other schemes set to benefit include the Foxhill project in Sheffield and the Verve scheme in Hull.

Housing minister John Healey said the schemes still have to undergo due diligence and insisted the Government was not awarding developers a "handout".

He said: "There are tough terms to this deal including repayment of loans within five years. And only builders who accept a realistic current market price for their homes are eligible.

"I want to see builders back on these sites within weeks. So I will be calling on successful developers to pull out all the stops so construction can restart as quickly as possible.

"We've pledged to use the power of Government investment to help Britain through the recession.

"This billion-pound kick-start programme will get stalled building work back on track, create jobs and help build the quality homes we need."

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Builders get public money to finish stalled developments

« Previous « PreviousNext » Next »View GalleryPublished Date: 27 July 2009

MILLIONS of pounds of public money will be used to boost 26 building projects in Yorkshire and the Humber which have stalled due to the recession.

The cash - part of a £1 billion national campaign - is aimed at developers and housing associations who could restart projects by the end of the year but are struggling to get money.

Up to 2,088 new homes in Yorkshire and the Humber could be creatADVERTISEMENTed by the Government project, which should also lead to thousands of new jobs in the region.

One project included is the Saxton scheme in Leeds, which could deliver up to 305 homes.

Other schemes set to benefit include the Foxhill project in Sheffield and the Verve scheme in Hull.

Housing minister John Healey said the schemes still have to undergo due diligence and insisted the Government was not awarding developers a "handout".

He said: "There are tough terms to this deal including repayment of loans within five years. And only builders who accept a realistic current market price for their homes are eligible.

"I want to see builders back on these sites within weeks. So I will be calling on successful developers to pull out all the stops so construction can restart as quickly as possible.

"We've pledged to use the power of Government investment to help Britain through the recession.

"This billion-pound kick-start programme will get stalled building work back on track, create jobs and help build the quality homes we need."

It's not much money in the scheme of things, but will help increase supply a bit.

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