Could the region’s business community and employment figures be set to see a major boost, thanks to a new funding ‘green light’?
Today saw four local authorities across Norfolk and Suffolk secure more than £37m in Government funding to provide the infrastructure for new projects to build more than 10,000 homes across the East.
Grants from the Housing Infrastructure Fund were announced by the Ministry of Housing, Communities and Local Government.
The four specific projects to receive funding in Norfolk and Suffolk are:
- Thetford Northern Sustainable Urban Extension: £9.95m – Breckland District Council
- Ipswich Garden Suburb: £9.9m – Ipswich Borough Council
- Norwich Anglia Square: £12.2m – Norwich City Council
- A11 Cringleford: £5.5m – South Norfolk District Council
Thetford, Ipswich and Norwich are all Priority Places within the Norfolk and Suffolk Economic Strategy, identified as areas with significant potential for further economic growth with an immediate need for new housing.
The Housing Infrastructure Fund is a government capital grant programme of up to £2.3 billion, which will help to deliver up to 100,000 new homes in England. During 2017, local authorities were invited to bid for funding for new infrastructure that will unlock new homes in the areas of greatest housing demand.
Marginal Viability Funding provides the final, or missing, piece of infrastructure funding to get additional sites allocated or existing sites unblocked quickly.
Doug Field, Chairman of New Anglia Local Enterprise Partnership, said: “This is vital funding as we look to achieve our ambition of 140,000 new homes in the East by 2036, as set out in the Norfolk and Suffolk Economic Strategy.
“New Anglia LEP supported all four projects during the bidding process. We’re delighted that Government recognised the significance of each, both to their local area and to our wider ambitions for economic growth.”