More details around the government’s £2bn Accelerated Construction Fund have emerged, and include using public land as equity and identifying all government sites outside London to be built on by 2020.
The fund, which was announced at the Conservative Party Conference last week, is intended to get more homes built through the better use of public land, new supply chains and new market competition.
It has a target of 50,000 starts on public sector land over the Spending Review period, and will be funded with newly raised money.
The details emerged as the Homes and Communities Agency, which is managing the cash, put out an advert for a new manager for the team.
The job description for the role – which pays £85,000-125,000 pa – includes details of the fund, which aims to:
• Increase the number of participants in housebuilding
• Build out public sector sites at an increased pace
• Help to build new supply chains using off-site manufacturing
• Help to build new supply chains for build-to-rent
• Capture more of the value uplift for the public sector and taxpayer
• Identify all sites in the government portfolio outside of London to be built on by 2020
• Partner with new entrants to the market
• Use public land as equity, lowering risk and overcoming potential issues for access to finance.
Tt was reported last week that the fund will also be used to underwrite development by guaranteeing housing purchases at a price agreed before construction.
The advert also said the HCA will look for opportunities among the brownfield sites it is acquiring under the £1.2bn Starter Home Land Fund to support further rapid build-out.
The HCA said it is already committed to remediating and de-risking sufficient sites for up to 50,000 homes through the fund, of which 25,000 would be starter homes. Accelerated Construction will be the build-out route for around 20% of these homes, which will help to improve delivery of the fund.
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Key points from the Conservative Conference 2016
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