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Government to plug housing funding gap

The government has announced it is to come up with some funding to plug the £610M gap in the Homes and Communities Agency’s finances which has seen all uncontracted publicly-funded housing projects being shelved.

Treasury officials will find at least £140M for some of the developments which have been legally contracted, housing minister Grant Shapps said. He was also hopeful that funding above this figure would also be made available.

If extra money is found, private sector Kickstart projects, worth about £214M and on hold since the general election was called, could be handed a reprieve.

Shapps said: ‘In the next week or two we will have an allocation covering the money my predecessor [John Healey] had already spent. We’ll have to find £140M because that has effectively already been spent. The rest of the £610M is down to the Treasury - it’s how much it will spare us.’

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