Andy Slaughter: To ask the Secretary of State for
Communities and Local Government, with reference to his Department's press
release 2,000 new homes and thousands of jobs in Birmingham, Leeds and
Manchester, published on 1 December 2016, whether any further funding will be
provided by (a) his Department and (b) any other bodies in addition to the
funding from the Government's new Home Building Fund for the construction of
those purpose-built rental properties.
Gavin Barwell: There are three sources of funding for all
three sites: the Home Building Fund investment will comprise 15% of total development cost;
the balance will be provided as senior debt from HSBC and equity from the
borrower. Beyond the Home Building Fund investment, there is no other public
sector funding going in to the construction of the properties. Draw-down of the
Home Building Fund investment will take place on a monthly basis, subject to
independent verification of expenditure.
