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Growth fund bid to create homes and jobs

Tuesday, 8 November 2011 9:16 AM

The government has launched a £500 million fund to kick-start the creation of new jobs and homes on stalled construction projects across England.

The Growing Places Fund will be used to pay for infrastructure like roads and flood prevention and will all be allocated by the end of January 2012.

The fund will be split between 38 Local Enterprise Partnerships (LEPs) of local businesses and organisations that will bid for cash and then decide on their priorities with support from local authorities.

And it can be used to establish revolving funds for a range of different projects to support economic growth, jobs and house building in the area

The partnerships will be able to offer secure funding to developers, making it quicker to get projects off the ground but also securing a return on the investment for the local area.

The biggest winners in the first round of indicative allocations are the Leeds City Region (£23.9 million) and the LEP covering Derbyshire and Nottinghamshire (£17.4 million).

Communities secretary Eric Pickles said: "I now want to see these partnerships coming together and finding innovative ways to unlock local sites and help get Britain building again."

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