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Funding for Milton Keynes and Sheffield to unlock homes

Words: Laura Edgar
Loan funding / iStock-878953966

The government has awarded Milton Keynes and Sheffield a share of £1.4 million to develop proposals that seek to unlock a 'significant' number of homes and jobs through the New Development Corporation Competition (NDCC).

The NDCC is part of the government's plans to level up areas across England. It intends to enable local authorities to develop locally-led proposals that accelerate economic growth opportunities and "kickstart the delivery of thousands of new homes".

Local authorities submitted their proposals to win a share of the funding. 

Milton Keynes has been awarded £665,000 so the council can explore how a locally-led development corporation could support the delivery of up to 60,000 homes by 2050 as well as create economic opportunities to support 50,000 to 90,000 jobs over the next 30 years.

Sheffield will receive £763,000. This will enable the area to explore an "innovative delivery mechanism" that would enhance economic opportunities while delivering 8,000 homes and creating up to 4,000 jobs by 2040.

Housing secretary Robert Jenrick said: "We’re levelling up the country and supporting local councils to put in place innovative and exciting proposals which will help regenerate our much-loved towns and cities.

"Both proposals will help deliver the new homes this country needs and create new jobs for people in the local area."

This latest funding follows on from £2.8 million awarded to Carlisle, Exeter, Tewkesbury and the Wirral, which have already received a share of £2.8 million from the NDCC to develop proposals that regenerate their area or deliver housing through delivery vehicles such as development corporations.

Image credit | iStock