Mayor of Greater Manchester Bev Craig has sealed a landmark agreement between the Greater Manchester Combined Authority and Homes England's National Housing Bank that unlocks up to £500 million for new homes and mixed-use regeneration across the city region.
It is the first agreement of its kind in England, building on Greater Manchester's track record of collaboration with Homes England - including being the first combined authority to sign a Strategic Place Partnership - and on projects such as Victoria North and Stockport Mayoral Development Corporation. Investment will sit alongside the Good Growth Fund, which launched a year ago, with every proposal subject to the Bank's due diligence, governance and approval processes.
Bev Craig: 'No community left behind'
"Over the past decade Greater Manchester has grown faster than anywhere else in the UK. But not every resident or place has yet felt the benefit. We set up the Good Growth Fund to spread that growth to all of our places, so that no community is left behind," Bev Craig said.
"People can see new homes being built, town centres being transformed, new businesses opening up and new jobs being created - all made possible by the Good Growth Fund. But we can do more."
Craig said the city region's Social Contract means that if you get public money you should contribute to communities through apprenticeships, work placements and opportunities for local businesses. "Good jobs, opportunities for our young people, a home you can afford in an area and community you are proud of. These are all ingredients of good growth and the Greater Manchester I'm determined we can build," she said.
Paul Dennett: social and affordable homes
Deputy Mayor of Greater Manchester and Salford City Mayor Paul Dennett said the Good Growth Fund is an important way the city region is responding to the housing crisis, using growth to build more social and affordable homes. "By using public investment, we're unlocking complex sites so that Greater Manchester can build more affordable, energy-efficient and accessible homes, quicker," he said, linking investment to social value, early-career opportunities including apprenticeships, environmental goals and accessibility.
National Housing Bank
National Housing Bank chief executive Simon Century said the agreement is supported by national and local expertise and purpose-driven finance, building on collaboration with the Mayor, regional leaders and partners. The Bank, a Homes England company, aims to break down barriers to investment at scale and accelerate housing delivery and regeneration across England.
