Government pledges £500m to developers to finish stalled housing projects

Half a billion pounds of public money will be used to help developers complete stalled housing projects, ministers will announce today.

Danny Alexander, the Chief Secretary to the Treasury, will give details of a £500 million fund to pay for new link roads, flood defences and other infrastructure necessary for housing projects. The “Growing Places” fund is intended to remove “blockages” in major building projects, where a relatively small amount of immediate spending could allow the project to go ahead.

The money will effectively be lent to developers to be repaid when their homes are completed and sold.

Mr Alexander said this would “unlock tens of thousands of jobs.” Ministers have identified housing as a key economic and political issue for Britain.  

Source: The Telegraph