Plymouth’s latest Plan for Homes has received a significant funding boost.
Thanks to an executive decision signed today by Council leader Tudor Evans, £9 million will be allocated to the new Housing Investment Fund.
The fund, announced as part of the third Plan for Homes earlier this year, is a pot of money designed to support the housing industry to deliver the needs of the city.
This could include acquiring land, gap funding for specialist homes and truly affordable housing, preparing sites for new homes or providing infrastructure.
For example, the regeneration of North Prospect was the first project to benefit from the fund in March, when £1 million was put towards the construction of new roads and footways, updates to the drainage systems and the installation of services like electric and gas to allow for new homes to be built.
Councillor Evans said: “People need houses, truly affordable houses at that, and I’m delighted that we will be supporting the delivery of the Plan for Homes through this fund.
“The Council is no longer directly provides new homes, but we can’t leave the market to fend for itself so instead we work with a range of delivery partners to build the homes we need.
“This allows us to intervene to ensure that all residents with all different kinds of needs have the housing that they require.”
The Housing Investment Fund is built on a principle of funds from housing activities going onto provide more new homes.
For example, the £9 million injection includes £7 million from Right to Buy receipts from the sale of former Council houses and is completed by Section 106 contributions specifically to support the provision of affordable housing.
Meanwhile, any future funds resulting from the sale of land for housing will also go back into the fund, making it a sustainable resource for funding future housing throughout Plymouth. Future Right to Buy revenues will also be added to the fund.
The latest version of the Plan for Homes sets out a framework to help support the building of 5,000 new homes over the next five years.
By supporting a variety of new and affordable housing to tackle housing needs and homelessness whilst addressing existing poor housing conditions, the plan sets out a clear vision of the future for housing in the city to support the delivery of the Joint Local Plan.