New investment fund will help ‘unlock building thousands of new homes’

Various major physical infrastructure projects will be supported by the new £2.3bn Housing Infrastructure Fund (HIF) launched by the communities secretary, Sajid Javid, which could help unlock as many as 100,000 new homes in areas of high demand.

Speaking in Birmingham at the LGA Conference last week, Javid said that the investment will help to fund vital physical infrastructure projects like the building of roads, bridges, energy networks and other utilities, the absence of which continues to hold housebuilding back.

The new investment through the HIF aims to solve this problem and has now opened for bids, enabling local authorities across England to come forward with proposals to help get homes built faster.

Funding will also be available to help build new schools, healthcare centres and digital infrastructure to accommodate growing communities and alleviate pressure on public services.

Javid, said: “To build the homes this country needs, we need to deliver the right infrastructure in the right place at the right time.

“By investing in local infrastructure, we can help unlock building thousands of new homes in the areas where they are needed most.

“The Housing Infrastructure Fund will also make sure we have better public services in place for local communities.” 

The £2.3bn HIF is part of the government’s £23bn National Productivity and Investment Fund, which will ensure Britain is match fit for the future, according to exchequer secretary to the treasury, Andrew Jones.

He said: “Where we live plays a huge part in our lives; from the distance of our commute to the local facilities available. By ensuring we have enough housing in areas where it is needed the most, we can boost productivity and support new communities to grow and thrive.”