Milton Keynes and Sheffield have been awarded funding of £1.4 million to develop proposals to unlock a significant number of homes and jobs through the New Development Corporation Competition (NDCC).
As part of the government’s efforts to level up the country, the NDCC enables councils to develop locally-led proposals to accelerate economic growth opportunities and kickstart the delivery of thousands of new homes.
Local councils submit transformational proposals to win a share of the funding to explore their ideas further.
Proposals are delivered by local people who know their community best.
Milton Keynes will receive £665,000 to help explore how a locally – led development corporation can support the delivery of up to 60,000 homes by 2050 and create economic opportunities to support 50,000 to 90,000 jobs over the next 30 years.
Meanwhile, Sheffield will receive £763,000 to explore an innovative delivery mechanism to enhance economic opportunities in the region whilst delivering 8,000 homes and creating up to 4,000 jobs by 2040.
Funding across both regions will support the government in its mission to help drive regeneration in towns and cities while helping people across the country on to the housing ladder.
Housing Secretary Robert Jenrick MP said:
“We’re levelling up the country and supporting local councils to put in place innovative and exciting proposals which will help regenerate our much-loved towns and cities.
I’m delighted to award the latest funding from the New Development Corporation Competition to Sheffield and Milton Keynes – two areas with huge potential for economic growth.
Both proposals will help deliver the new homes this country needs and create new jobs for people in the local area.”
This latest funding follows on from £2.8 million awarded to Carlisle, Exeter, Tewkesbury and the Wirral to develop proposals for innovative delivery vehicles such as development corporations to deliver transformational regeneration or housing delivery in the areas of the country where it is needed most.