Multimillion-pound investment to support thousands of new homes

A multi-million-pound investment will help support the delivery of thousands of new homes – attracting further private sector investment and boosting West Yorkshire’s economy.

The £334 million West Yorkshire Housing Investment Fund will unlock land for development and support stalled schemes across the region.

The proposal was approved today (June 25) at the first West Yorkshire Combined Authority meeting since the May local elections, which saw new leaders join the Combined Authority.

The programme will look to invest in transformational regeneration projects across West Yorkshire, including Leeds South Bank, which has the potential to deliver around 20,000 homes, support the delivery of homes at Bradford Southern Gateway, the new garden communities that could unlock 3,000 homes in Calderdale and a further 3,000 homes in Kirklees, as well as 1,000 homes at Cathedral Quarter in Wakefield.

The fund will maximise opportunities created through the region’s first Integrated Settlement by bringing funding together into a single, flexible programme to boost housing delivery. It will attract further investment and ensure funding is delivered in a more joined-up way for communities.

This will build on the success of the devolved £110 million Brownfield Housing Fund, which is set to deliver 6,000 new, high-quality homes – with almost 30 per cent being affordable. West Yorkshire has already seen higher delivery of affordable homes than at any other time since the financial crash.

Tracy Brabin, Mayor of West Yorkshire, said:

“We have bold ambitions to deliver thousands of new, affordable homes across West Yorkshire that our communities urgently need.

“This investment will build on the region’s housebuilding success, strengthening our delivery pipeline, creating jobs and supporting thriving communities.

“Today we welcomed new members to the Combined Authority. While we may come from different political backgrounds, I’m confident we can work together to make West Yorkshire the best place to live, work and visit."

Thousands of new homes could be unlocked through the West Yorkshire Housing Investment Fund programme, in line with targets set under the Integrated Settlement, but this does not reflect the full extent of the Combined Authority’s housing ambitions.

The programme will prioritise brownfield and grey belt sites but is not limited to previously developed land, and it is expected to complement a £1 billion investment from Homes England to deliver new social homes across the region, supporting the Mayor’s pledge to deliver over 5,000 affordable homes.

ENDS

Background:

Work is underway on a housing priorities pipeline for approval at the Combined Authority meeting in July.