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Thursday, November 3, 2011

City Council Use Land to Attract Investment & Regeneration

Over the next three years Liverpool City Council will deliver an estimated £130m for new housing developments.

It will involve making council-owned brownfield sites, throughout the city, available for housing at no cost, although registered providers would have to enter into some form of clawback agreement in the case of sites which are not ultimately developed.

Councillor Joe Anderson, City Council Leader, said: “This is the biggest investment of this type we have seen for decades. Along with our investment in eight new schools and through the council’s Asset Backed Vehicle,  which allows us to use our land and buildings to attract long-term investment from the private sector and  so stimulate regeneration,  we are looking at around half a billion pounds of investment in the city creating growth and jobs.”

Nick Kavanagh, council’s director for regeneration and employment, said: “This is a prime example of the council working in partnership with the private sector and social housing landlords to improve the quality of housing in the city while developing sustainable regeneration in our communities.”

It is proposed that the plan will be financed through borrowing and by using capital receipts. The council has also bid for £10m of funds through the Housing Market Renewal Transition Fund and could potentially receive revenue from the New Homes Bonus.
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