A boost of up to £500m for new homes and mixed-use regeneration projects across Greater Manchester has been unlocked through a landmark agreement between the Combined Authority and Homes England’s public financial institution, the National Housing Bank.
\n\nThe agreement is the first of its kind in England, building on a strong track record of trail-blazing collaboration that has supported transformative projects including Victoria North and in Stockport MDC.
\n\nPreviously, Greater Manchester was also the first combined authority to sign a Strategic Place Partnership with Homes England, the government’s housing and regeneration agency.
\n\nThis new agreement opens the door for investment of up to £500m into projects alongside the Greater Manchester Good Growth Fund, which launched one year ago.
\n\nTo be considered for funding, all projects will need to align with the National Housing Bank’s mandate, with each proposed investment being subject to the Bank’s standard due diligence, governance and approval processes.
\n\n\n\n\nOver the past decade Greater Manchester has grown faster than anywhere else in the UK. But not every resident or place has yet felt the benefit. We set up the Good Growth Fund to spread that growth to all of our places, so that no community is left behind.
\n\nThe progress we have made in its first year shows that we are delivering on that ambition. People can see new homes being built, town centres being transformed, new businesses opening up and new jobs being created – all made possible by the Good Growth Fund. But we can do more.
\n\nOur Social Contract takes our commitment further – if you get public money you should contribute to our communities, to make Greater Manchester better for everyone. Through creating new apprenticeships and work placements and creating opportunities for local businesses, the impact of our investment will be felt locally for generations to come.
\n\nGood jobs, opportunities for our young people, a home you can afford in an area and community you are proud of. These are all ingredients of good growth and the Greater Manchester I’m determined we can build.
\n
\n\n\nThis agreement is supported by national and local expertise, backed with purpose-driven finance, and powered by regionally led ambition.
\n\nIt builds from strong foundations of successful collaboration with the Mayor, regional leaders, partners and local people who best know their region and what it needs to thrive.
\n\nTogether we will aim to further accelerate the delivery of the new homes and mixed-use regeneration schemes across Greater Manchester that best work for communities now and in the future across the region.
\n
\n\n\nThe Good Growth Fund is an important way that Greater Manchester is responding to the housing crisis, using the city region’s growth to help build more social and affordable homes, so that more of our residents can have a safe and healthy place to call home.
\n\nBy using public investment, we’re unlocking complex sites so that Greater Manchester can build more affordable, energy-efficient and accessible homes, quicker. And we’re ensuring that this is done alongside the transport, services and infrastructure needed to create sustainable, well-connected and safe communities.
\n\nOur Good Growth Fund approach links the investment given to social value expectations, pushing developments to not only create good jobs but create early-career opportunities, including apprenticeships, too – and to support our environmental goals and accessibility needs.
\n\nThis is what good growth looks like in practice: bold development that puts our places and residents first; uses the levers at our disposal to make development happen quicker; and uses the city region’s growth for the greater public good.
\n
The National Housing Bank, a Homes England company, delivers purpose-led finance for housing delivery. It aims to break down barriers to investment at scale and accelerate the delivery and regeneration of places across England.
\n\nENDS
\n\nMedia enquiries
\n\n\n\n Email HomesEnglandNews@communities.gov.uk\n
\n\n\n\n Telephone 020 7874 8262\n
\nThe National Housing Bank press office is contactable between 9am and 5:30pm, Monday to Friday.
\n\n