Major £200 million fund set to boost West Midlands housing projects
Almost £200 million is set to be pumped into the West Midlands to boost housing projects in the region.
The Government has announced the West Midlands will get around £180 million from the City Densification Fund, which can be used for building homes in town and City Centres.
An unspecified amount of funding will also be made available for the West Midlands from the £1.5 billion Housing Accelerator Fund, set up to speed up large scale homes schemes.
Earlier this week, chancellor Rachel Reeves also said regional mayors could be given control of a portion of tax revenue to spend on priorities they have for their local areas.
West Midlands Mayor Richard Parker said the award of more funding and powers was a ‘vote of confidence’ in the plans he has for the region.
The total City Densification Fund stands at £800 million with £620 million of that being earmarked for five northern Mayoral areas.
Mr Parker said: “This is another vote of confidence from government in our plan to deliver growth that can make a real difference to the lives of our three million residents.
“The funding and powers coming to the West Midlands are growing because we’ve got a robust Growth Plan that’s focused on breaking down the barriers that have held our region and our people back for too long.
“England’s economy is one of the most centralised in the world, but with fiscal devolution proposed by the Chancellor that will change.
“It means our future in our own hands. We can push harder, regenerating towns and cities, building the homes we need, improving skills so local people can grab the good jobs we’re creating and improving transport so people can get on in life.
“With more powers comes greater responsibility to deliver growth for our region and the country. We’re ready to rise to that challenge.”
