The government is putting £946 million into a scheme to incentivise house building over four years. The Local Growth white paper published last week confirmed details of funding for the New Homes Bonus scheme. £196 million will be available next year, with £250 million in each of the next three years. Starting in 2011/12 the scheme will match fund the additional council tax for each new home built and property brought back into use for six years after the work is completed. For affordable homes the government will increase payments to 125 per cent of the council tax income. The white paper says the government will publish a consultation with its proposed model for the New Homes Bonus ‘shortly’. Read more on Inside Housing.
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