The new programme, unveiled in November as part of the Government's housing strategy and managed by the HCA, will enable work to start on stalled sites with planning permission. Getting Britain Building will unlock up to 16,000 new homes by December 2014.
The programme is intended to address difficulties in accessing development finance faced by some house builders and to help bring forward sites where viability is marginal by sharing risk. It will operate by making loans available to projects on commercial rates, or taking equity stakes to share risk.
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HCA Chief Executive, Pat Ritchie, said: "This is an exciting new programme, which will boost the house building industry, local economies and the supply of new homes for the areas that need them. I'm sure this opportunity will be of interest to all developers, but we have made the process is as simple as possible to make it easy for smaller developers to bid.
"I am looking forward to receiving the expressions of interest from the industry and the HCA will be taking a robust commercial approach working with local authorities to invest in the right schemes that deliver the greatest benefits for local communities and the industry."
Interested organisations have until 30 January 2012 to submit an Expression of Interest, which will be assessed by the HCA liaising with local authorities through February and early March. Short listed projects will be invited to enter a due diligence process with final decisions and contracts expected from May. Work is anticipated starting up on sites across the country from June.
(CD/GK)
