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   Bidding opens for £420m fund to kick-start stalled housing schemes
by Ross Macmillan
The Homes and Communities Agency (HCA) has issued detailed guidance for developers and registered providers wishing to apply for the £420m Get Britain Building (GBB) programme today. The new programme, unveiled in November as part of the Government’s housing strategy and managed by the HCA, will enable work to start on stalled sites with planning permission. Getting Britain Building will unlock up to 16,000 new homes by December 2014. The scheme will operate by making loans available to projects on commercial rates, or taking equity stakes to share risk. Funding sought for the project should be no more than 50% of the total project costs and schemes must be 25 units or more. In addition, the Government's new build mortgage indemnity scheme - which guarantees mortgages worth up to 95% of the value of a home - is expected to be of benefit to many sites in receipt of GBB support. HCA Chief Executive, Pat Ritchie, said: “This is an exciting new programme, which will boost the house building industry, local economies and the supply of new homes for the areas that need them. I’m sure this opportunity will be of interest to all developers, but we have made the process is as simple as possible to make it easy for smaller developers to bid. “I am looking forward to receiving the expressions of interest from the industry and the HCA will be taking a robust commercial approach working with local authorities to invest in the right schemes that deliver the greatest benefits for local communities and the industry.” Interested organisations have until 30 January 2012 to submit an Expression of Interest, which will be assessed by the HCA liaising with local authorities through February and early March. Short listed projects will be invited to enter a due diligence process with final decisions and contracts expected from May. Work is anticipated starting up on sites across the country from June. Source: 24dash
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