Chestnut Homes to help Get Britain Building

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CHESTNUT Homes have been shortlisted for four housing schemes in Lincolnshire as part of the government’s Get Britain Building programme.

A £420 million fund to Get Britain Building was announced in November by the Prime Minister and Deputy Prime Minister as part of the government’s Housing Strategy for England.

The programme aims to unlock stalled sites with planning permission to support construction activity and restart work on sites delivering more than 15,000 new homes. 

Managing Director David Newton said: ”We are absolutely delighted to have four developments shortlisted, particularly taking into account that only eight sites in total received support across the whole county via the initial ‘expressions of interest’ stage.

“We now move forward to the due diligence stage, and hope that the funding can be confirmed. We have a great track record of working with the government through The Homes and Communities Agency, and have recently delivered three sites under the KickStart initiative, together with numerous new homes with the support of HomeBuy & FirstBuy equity share schemes.

“The potential funding is just under £2.3 million, and if it is ultimately secured, this will allow us to move forward with stalled housing sites, and indeed start new developments, not only securing and creating jobs, but also delivering much needed affordable housing in the current difficult climate.

“If all goes well with the projects in East Lindsey, West Lindsey and Boston, the majority of the funding will be repaid to the government, which will allow further initiatives to come forward in the future.”

Following a strong response from the sector, the fund was increased by a further £570m on March 19. With the additional investment, the HCA has shortlisted 224 schemes across the country that will be invited to take part in a thorough due diligence process.

These schemes underwent an initial assessment by the HCA - looking at value for money, deliverability and fit with local priorities.

These shortlisted projects will now undergo a due diligence process and it is expected that funding allocations to projects will be announced from May, with work restarting on sites across the country from June.