South: Government launches funding for estate regeneration

New government funding and a national plan for regenerating rundown estates has been announced by communities secretary Sajid Javid. As part of the blueprint for regenerating deprived housing estates, an additional £32 million funding is now available, along with £140m from the estate regeneration fund.

This means that councils, housing associations and developers can now bid for a share of £172m of government investment to redevelop local neighbourhoods and deliver housing.

They will also get advice on transforming areas from a new ‘national strategy’ to address common challenges that can stop projects, such as resident protection concerns or finding the necessary finance.

The new national strategy was developed by an independent advisory panel, chaired by Lord Heseltine and the housing and planning minister Gavin Barwell.

Javid, said: "Rundown estates offer huge potential to become new thriving communities providing homes, jobs and opportunities and places that work for everyone.

"That’s why we’re determined to ensure the success of regeneration projects through the national strategy to transform the lives of thousands of people by delivering better homes in better estates.

Courtesy of CoStar