£1 billion housing market renewal funding package

Date published: 17/10/2007

The Government has given the green light to a £1 billion funding package for housing market renewal nationally over the next three years.

The announcement by Government Minister Iain Wright has received a warm welcome from the Oldham Rochdale Housing Market Renewal (HMR) Pathfinder. The Pathfinder is working with residents and developers to build hundreds of high-quality, eco-friendly homes, to refurbish some existing homes and to carry out major environmental improvements to make HMR neighbourhoods more attractive.

The Pathfinder is currently investing in East Central Rochdale, Kirkholt, Milkstone and Deeplish in Rochdale, Langley in MIddleton and in Oldham, Derker, Werneth, Hathershaw, Alt, Sholver, Clarkwell and Primrose Bank. HMR bosses expect to be allocated a slice of the funding in response to its new business plan, which will be submitted to the Department for Communities and Local Government on 2 November.

The plan asks for £100 million of Housing Market Renewal Funding, which would attract other private and public sector investment, bringing the total to more than £270m to be ploughed into the existing investment areas.

The funding, if approved, could result in 1,650 new homes; 550 repairs to existing homes; the acquisition of 450 properties for clearance and the clearance of 600 unpopular properties, during the period 2008-11. (Properties earmarked for clearance in 2008-11 are part of existing proposals that residents are aware of.)

The Oldham Rochdale HMR Pathfinder is one of 12 market renewal areas in the country.

HMR Director Alastair Graham said: "We welcome the fact that the Government has recently re-stated its commitment to housing market renewal. This recognises the early progress that has already been made and means that work will continue to increase the choice of well-designed homes for people in Oldham, Rochdale and Middleton.

"Announcements like this also give our development partners increased confidence in the local housing markets, which attracts more private sector investment to our boroughs."

Junior regeneration minister Mr Wright announced the £1 billion at the Housing Market Renewal conference in Sheffield last week.

Full allocations of funding to the 12 areas across England will be made public in the New Year.