The Homes and Communities Agency is to provide two loans worth nearly £99m to unlock two major schemes that will deliver more than 10,000 homes.
It is providing a £53.8m loan to Hudson Developments for its 5,750 home development of a new suburban village at Chilmington Green near Ashford, Kent.
It will also loan £45m to Urban&Civic for its 4,500-home redevelopment of the 1,400 acre Alconbury Airfield in Cambridgeshire.
Nigel Hugill, chief executive of Urban&Civic, said: “The government is right to emphasise the importance of large sites in meeting housing demand in areas of strong economic and demographic growth, as well as helping widen the supply chain for faster housing delivery.”
The Chilmington Green deal is part of the government’s £3bn Home Building Fund. Under the loan’s terms, the HCA will fund services to help deliver the first phase of the scheme, which should help unlock more land for development and speed up delivery at the site.
HCA chief executive Nick Walkley said: “This huge investment shows our determination to get builders building and substantially grow the market in this country. We’re working on a number of other deals, with builders of all sizes. We’re also using our investment and land to attract new entrants to the industry.”
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