Council offering loans to kick start developments
Businesses have been urged to claim a share of a £1.8 million scheme to kick start the housing market in Walsall.
Loans and grants have been made available by Walsall Council to help developers re-start stalled housing schemes in the area through the new homes bonus scheme.
The new homes bonus rewards councils which accept new homes in their area by matching the council tax on those homes for six years.
In the first phase, five schemes were helped with work starting to take shape with more money now on offer. More funds are on offer to developers who already have planning permission for more than ten homes secured and demonstrated that their scheme has stalled due to financial viability.
The first phase saw around £770,000 awarded to help build more than 200 homes worth £20 million. The second round has now been opened with a further £1 million on offer making almost £1.8 million earmarked for the project.
Adrian Andrew, cabinet member for regeneration at Walsall Council, said: ‘Walsall is leading the UK in this field, I’m proud to say and it’s excellent to be able to stand here and see real progress and new homes take shape.’
Simon Griffiths, of Upward Developments which is working with Midlands Properties on a site in Bloxwich, said: ‘It’s enabled us to access finance we wouldn’t have been able to to re-start the scheme.’