The Homes and Communities Agency (HCA) has welcomed £1bn of new investment under the Local Infrastructure Fund, announced by the Chancellor in the Autumn Statement.

The Local Infrastructure Fund accelerates the delivery of locally supported, large scale housing schemes by investing in upfront works – such as installing utilities or linking to existing road networks – through commercial loans or equity investment.

The announcement sees investment covering the period up to 2020, to bring forward around 250,000 new homes. It will be administered by the HCA – based on the Agency's commercial expertise, experience of managing large investment, and local knowledge – and builds on the HCA's existing LIF Large Sites investment of £327m.

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HCA Chief Executive, Andy Rose, said: "An additional £1bn for large scale housing developments demonstrates the Government's commitment to supporting housing throughout the next spending period.

"It is also recognition that the HCA's current LIF programme is speeding up delivery, at sites such as Cranbrook near Exeter where £20m LIF funding has helped unlock one of the largest and most significant housing and employment developments in the country.

"This is core business for the HCA and sites like Cranbrook play a huge role in supporting local aspirations for growth."

(CD/JP)