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29 Feb 08 - £1bn funding boost for housing
The Government has outlined how it plans to distribute
more than £1bn of funding to boost the housing market
in deprived areas of Britain.
The cash, up to £54m a year for three years, will
be used to improve communities by renovating local housing
and encouraging businesses in 12 chosen pathfinder areas.
Among those benefiting from the fund will be Merseyside,
which will receive an estimated £152m between now
and 2010-11.
The fund, part of the Housing Market Renewal programme,
will also see East Lancashire receive £150m during
the period and Salford in Manchester £140m.
South Yorkshire and North Staffordshire will both also
receive more than £100m during the three years.
The programme has been established to tackle problems where
house prices have collapsed and the areas are in danger
of being deserted.
Housing minister Iain Wright said: "The Housing Market
Renewal Programme has been vital for restoring confidence
in some of the most disadvantaged areas of the country.
"This substantial funding, together with increasing
investment from the private sector and support from local
authorities and others, will help the market renewal areas
take forward their ambitious programmes to bring real change
to places which only five years ago were facing decline
and abandonment."
News items supplied by SelectNews, produced by PA Business,
part of the group that owns The Press Association, the UK's
national news agency. Copyright (c) PA Business 2007.
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