Milton Keynes and Sheffield have been awarded funding of £1.4 million to develop proposals to unlock a significant number of homes and jobs through the New Development Corporation Competition (NDCC).
The NDCC enables councils to develop locally-led proposals to accelerate economic growth opportunities and kickstart the delivery of thousands of new homes.
Local councils submit proposals to win a share of the funding to explore their ideas further. The government said these proposals are delivered by local people who know their community best.
Milton Keynes will receive £665,000 to help explore how a locally – led development corporation can support the delivery of up to 60,000 homes by 2050 and create economic opportunities to support 50,000 to 90,000 jobs over the next 30 years. Sheffield will receive £763,000.
The Ministry of Housing, Communities & Local Government said funding across both regions will support the government in its mission to help drive regeneration in towns and cities while helping people across the country on to the housing ladder.
Housing Secretary Robert Jenrick MP said:
“We’re levelling up the country and supporting local councils to put in place innovative and exciting proposals which will help regenerate our much-loved towns and cities.
“I’m delighted to award the latest funding from the New Development Corporation Competition to Sheffield and Milton Keynes – two areas with huge potential for economic growth.
“Both proposals will help deliver the new homes this country needs and create new jobs for people in the local area.”
The New Development Corporation Competition is a £10 million competitive fund launched in October 2019 to support up to 10 local places with exploring delivery models that have been less commonly used in a contemporary context, such as development corporations.
Development corporations can help boost developments by providing focus, help coordinate plans for new development across different council boundaries and give builders the confidence to invest in sites.
Historically development corporations have helped over 20 new towns rise from the ground including Milton Keynes and Telford, as well as delivering transformational urban regeneration projects such as Canary Wharf.