Upfront funding for onsite infrastructure can be a barrier to the creation of new jobs and homes. As at July 2013 there was planning consent for some 10,000 dwellings across the Greater Norwich area which had yet to begin construction.
The City Deal gave the GNGB the ability to borrow up to £20 million from the Public Works Loan Board at preferential rates to establish a Local Infrastructure Fund. This fund provides loans to developers for site-specific help to enable development sites to be delivered quickly. The overall fund runs from 1 November 2013 to 31 March 2026.
The scheme offers developers funding to deliver essential infrastructure, such as roads and transport links, which will in turn unlock developments that would otherwise have been delayed.
It specifically supports infrastructure that is required to open up sites for housing or employment development, thus realising sustainable growth in jobs, homes and commercial builds.
For more information please contact the Greater Norwich Project Team:
Tel. 01603 222727