An agreement has been launched by the Homes and Communities Agency (HCA) and the Association of Greater Manchester Authorities (AGMA).

The Local Investment Agreement means that HCA and AGMA will agree future housing and regeneration priorities that bring together over £370 million of investment across Greater Manchester. It will make sure that these resources are targeted where they will have the greatest impact and are most needed.

The agreement has been reached through the Single Conversation process which has enabled AGMA to have a single clear voice in their discussions with the HCA. It will form a foundation for future co-ordinated working and ensure that instead of local authorities, registered social landlords and developers bidding separately, investment is targeted to best complement improvements in health, transport and other areas.

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HCA and AGMA have also agreed to continue to work together to develop new approaches to help deliver much-needed new housing in the face of the economic downturn.

AGMA Leader Lord Peter Smith and HCA Regional Director NW Deborah McLaughlin will sign the Local Investment Agreement which forms part of the Manchester Statutory City Region pilot at Manchester Town Hall.

Lord Peter Smith said: "This is extremely welcome news and another compelling illustration of how the Manchester City Region is working collectively towards a shared vision.

"This agreement will enable us to channel housing and regeneration investment in Greater Manchester to where it will have the greatest impact.

"Having a single voice and clarity about our priorities puts us in a stronger position and I commend the HCA for recognising this and helping us streamline the decision-making process."

(CD/KMcA)