Titled ‘Homes for all the Region’, the fund is intended to deliver 2,800 new homes across the region’s 10 local authority areas.

The goal is to unlock sites that have stalled and invest in projects that will create housing where it is needed most, as well as boost construction activity and enhance the long-term growth prospects and competitiveness of the region through improved infrastructure, increased connectivity and regeneration.

The fund is divided into two sub-funds: a Housing Viability Gap Fund of £35m, and an SME Finance Fund of £10m.

Funding will be made to local authorities on a competitive basis and projects must deliver a minimum of 40 new homes.

CBRE’s Investment Advisory team will support the CCR in managing the fund.

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Nicola Somerville, head of inclusive growth and business development at CCR, said: “The housing viability gap funding is an investment requirement that has been needed for some time to unlock allocated residential sites across the region to assist with the delivery of new homes.

“For us, it is about the creation of new communities, engaging with new supply chains and providing equality of opportunity for existing residents and new, the ability to access good quality housing in an area of their choice,” she added.

George Richards, senior director at CBRE Investment Advisory, stated that it was delighted to support the CCR in managing the fund.

“The distribution of new housing across the region has been very uneven since the global financial crisis and the fund aims to tackle this issue, ensuring the areas most in need are receiving equitable provision. 

“The fund will play a key role in ensuring there is a more holistic distribution of housebuilding across the whole region.”

The fund is now welcoming applications.