The Chancellor and the Communities Secretary this week announced the launch of the Home Building Fund (HBF) – a £3 billion scheme aimed to help build 25,000 homes in the short term and 200,000 homes in the longer term. The fund will be administered by the Homes and Communities Agency and is a flexible source of funding that will make loans available to small and medium enterprise builders, custom builders as well as those providing offsite construction and essential infrastructure.
The Government have identified a number of criteria setting out who is able to apply for the funding. The criteria include such requirements as;
- applicants will need to demonstrate that without the HBF the development would not progress as quickly or at all,
- the development must be for a minimum of 5 homes,
- except for innovative housing solutions the minimum invest the HBF will make is £250,000
For more information on the HBF and for advice on whether your development proposal would qualify for a loan please contact Chapman Lily Planning.