The Heart of the South West Local Enterprise Partnership is delighted that £62,155,550 has been allocated to schemes in the HotSW area following a bid supported by the LEP, making it the third highest allocation to any LEP area in the country.
The total Housing Infrastructure Fund Marginal Viability Fund awarded was £866 million, making the HotSW award over 7% of the overall amount, out of 38 LEPs in England.
The funding is allocated by the Government to support local work that will make housing developments viable and get much-needed homes built quicker.
HotSW LEP endorsed the proposals from across the local authority areas of Devon, Plymouth, Somerset and Torbay and supported the bids by giving evidence on how each scheme would support the strategic objectives of the LEP, i.e. create the right conditions for economic growth through new infrastructure; enable the delivery of new housing, and generate employment opportunities.
Chair of the Heart of the South West LEP, Steve Hindley, CBE DL, said:
“This is a superb result for communities in the Heart of the South West; and enabling new homes to be developed is one of HotSW LEP’s key aims.
“The high number of successful bids reflects the quality of the proposals, the strength of our partnerships, and the clear need for investment in infrastructure to unlock housing and growth in the HotSW area.”
HOUSING INFRASTRUCTURE FUND – Summary of Successful Marginal Viability Bids