Step forward for £30m East Midlands regen fund

An East Midlands combined authority plan to boost regeneration projects in the region looks set to be approved next week.

The authority plans to create a £30.4m Housing and Regeneration Fund, which it says will provide loans to developers to unlock stalled or marginally viable development schemes across the region.

The policy will adopt a focus on employment-focused and mixed-use regeneration schemes, and will form part of a £107m local growth funding package that includes 17 other projects intended to boost the economy of the East Midlands.

• READ MORE: East Midlands CA set to unlock £107m growth fund

Other schemes listed in papers set to be approved by the combined authority’s investment board on 29 June include a £7m “Thriving Places” fund targeting High Street improvements across the region, and a £1.6m empty homes project intended to bring derelict properties back into use as affordable housing.

The local growth fund provides a four-year funding envelope of £107m, broken down as £60m capital and £47m revenue spending, agreed with government and are incorporated into the authority’s medium-term financial plan.

If approved next week, all but one of the 18 projects will be moved onto EMCCA’s investment pipeline, with a final funding decision dependent on full business cases for each project.

A separate report will be brought forward for the £3.4m Skills Capital project, intended to support the development of skills infrastructure in conjunction with further education providers across the region.

Mayor of the East Midlands, Claire Ward said: “These programmes are about making the most of the homes and land we already have, while creating new opportunities for people and communities across the East Midlands.

“By bringing empty properties back into use and helping unlock new housing developments, we can provide more homes for local people, improve neighbourhoods, and support efforts to prevent homelessness.”