The government is set to lend £525 million to rescue the construction sites fof thousands of new homes abandoned during the 2008 crash. The money will be up for grabs on auction by private developers.
Another £1 billion from the Builders Finance Fund is to be released separately for large-scale housing projects (over 1,500 units), of which two developments have already started in Newark and Aldershot.
A shortlist of 165 "smaller housing developments across the country" was published late last week, with a view to have local developers bid for the £525 million Builders Finance Fund on them. The scheme has the potential to generate 13,000 jobs, the government says.
The fund was set up in April for small to medium sites where ground has already been broken or construction is set to start, all permissions and projects being in place. The money is to be returned by each developer upon completion and successful sale.
Other programmes include Help to Buy for individual builders looking to build and sell as well as a £50 million aid package towards housing infrastructure.
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