Lovell in line for £14m funding boost

Lovell has announced that six of its schemes have been shortlisted for the Homes and Communities Agency's (HCA) kickstart funding.

The HCA is planning to hand a total of 270 schemes a share of £925m worth of funding, designed to provide backing for the development of 22,400 homes stalled by the economic downturn.

Of the £925m available half is in the form of a repayable loan or equity finaincing, the rest is made up of social rented housing (£209m), a non-repayable grant (£166m) and additional funding (£130m).

Lovell is in line for £14m to build more than 370 affordable rented, shared ownership, HomeBuy and open market homes in the North West and Warwickshire.

Apart from London - with 25 schemes set to receive £171m - the North West was the main beneficiary of funding having been allocated £135m for 54 schemes. 

The shortlisted projects to be built by Lovell are:

• a 74-home development at Gilead Street, Kensington, Liverpool, with Riverside Community Seven;
• a 67-home scheme in Netherley, Liverpool, with Riverside Lee Valley;
• a 56-home scheme in Tranmere with Wirral Borough Council;
• a 50-home scheme in partnership with Riverside Pennine at the Langley estate, Middleton, Manchester;
• a 79-home scheme in Miles Platting, East Manchester in partnership with New East Manchester;
• and a 50-home scheme at Camp Hill, Nuneaton, Warwickshire with the Pride in Camp Hill partnership.

In total the HCA received bids from 219 organisations for the funding. Chief executive Sir Bob Kerslake said: “The response to our bidding process shows the level of appetite and capacity for development which is out there in the house building sector. Despite the economic downturn, demand for new homes remains and with some help, quality schemes can be unlocked, adding to new supply very quickly."