Shapps sets out Spending Review terms for housing
Thu 21 October 2010, 7:34 am
Housing minister Grant Shapps has set out in a letter the settlement for government housing expenditure, announced as part of the Spending Review of 20 October 2010.
Shapps confirms a £6.5 billion settlement over the next four years. The Government will give local authorities "the freedom to borrow against tax revenues and will also provide access to a Regional Growth Fund to fund capital projects which could support housing growth and market renewal schemes", Shapps said.
"In April 2011 we will introduce the New Homes Bonus, a powerful fiscal incentive for local authorities to deliver more homes. We have set aside over £900 million of funding and the scheme will match fund the council tax on every new home for each of the following six years."