The Department for Communities and Local Government, and the Homes and Community Agency, have launched the new £525 million Builders Finance Fund, which is designed to help restart and speed up housing developments between 15 and 250 units that have slowed down or stalled.
It aims to address the difficulties in accessing development finance faced by some house builders, particularly smaller developers, and to help bring forward stalled but viable sites.
Investments will be made over 2 years from 2015 to 2016 through to 2016 to 2017 and will be operated as an open competition. This prospectus seeks bids from builders/developers taking forward smaller housing proposals. Bids must be submitted by a private sector bidder. Public sector bodies (including local authorities) are not eligible to bid in their own right. If they have a private sector partner that will develop housing and is in control of the site, that private sector partner can bid.
Bidding for the fund will be launched on 14 May 2014 and expressions of interest are to be submitted by noon on the 25th June 2014.