Historic Partnership between National Housing Bank and Greater Manchester Combined Authority to Release £500m for New Housing and Urban Regeneration

A significant boost of up to £500 million for new housing and mixed-use regeneration initiatives across Greater Manchester has been secured through a groundbreaking agreement between the Combined Authority and the National Housing Bank, a public financial institution operated by Homes England.

This agreement marks a first in England, building upon a robust history of collaborative efforts that have supported transformative projects, including the Victoria North development and initiatives in Stockport MDC.

Previously, Greater Manchester distinguished itself as the first combined authority to establish a Strategic Place Partnership with Homes England, the government’s agency responsible for housing and regeneration.

The newly formed agreement paves the way for investments of up to £500 million in projects, complementing the Greater Manchester Good Growth Fund, which was initiated just a year ago.

To be eligible for funding, all projects must align with the National Housing Bank’s mandate, with each proposed investment subject to the Bank’s standard due diligence, governance, and approval protocols.

Commitment to Community Development

The Mayor of Greater Manchester, Bev Craig, commented on the developments, stating:

“Over the past decade, Greater Manchester has experienced growth at an unparalleled rate in the UK. However, not every resident or area has reaped the benefits. The Good Growth Fund was established to ensure that growth is distributed fairly across all communities, preventing any from being left behind.”

She continued, “The progress we have achieved in the fund’s inaugural year demonstrates our commitment to this vision. Communities can witness the construction of new homes, the revitalisation of town centres, the opening of new businesses, and the creation of jobs – all made possible by the Good Growth Fund. Yet, we can accomplish even more.”

“Our Social Contract extends this commitment further – when public funding is provided, there is an expectation to contribute positively to our communities, enhancing Greater Manchester for all. By generating new apprenticeships, work placements, and opportunities for local enterprises, the effects of our investment will benefit residents for generations.”

“Good jobs, opportunities for our youth, and affordable housing in esteemed communities are all integral to fostering good growth and achieving the Greater Manchester we aspire to build.”

Collaboration for Future Growth

Simon Century, Chief Executive of the National Housing Bank, remarked:

“This agreement is underpinned by both national and local expertise, driven by purpose-led finance, and propelled by regional ambition.”

“It is founded on the strong collaborative relationships we have established with the Mayor, regional leaders, partners, and local residents, who are best positioned to understand their region’s needs for sustainable growth.”

“Together, we aim to expedite the delivery of new homes and mixed-use regeneration schemes across Greater Manchester, ensuring they effectively serve the needs of communities both now and in the future.”

Paul Dennett, Deputy Mayor of Greater Manchester and City Mayor of Salford, added:

“The Good Growth Fund represents a crucial response to the housing crisis, leveraging the growth of the city region to facilitate the construction of more social and affordable homes, thereby providing our residents with safe and healthy living conditions.”

“Through public investment, we are unlocking complex sites to enable Greater Manchester to build more affordable, energy-efficient, and accessible homes more swiftly. Additionally, we are ensuring these developments are accompanied by the necessary transport, services, and infrastructure to foster sustainable, well-connected, and secure communities.”

“Our approach with the Good Growth Fund ties investment to social value expectations, pushing developments to create meaningful job opportunities and early-career pathways, including apprenticeships, while also supporting our environmental objectives and accessibility requirements.”

“This exemplifies what good growth entails: innovative development prioritising our communities and residents, utilising available resources to expedite progress, and harnessing the city region’s growth for the collective benefit of the public.”

The National Housing Bank, part of Homes England, is dedicated to providing purpose-driven financial support for housing initiatives. Its mission is to dismantle barriers to large-scale investment and accelerate the regeneration and development of communities throughout England.