Almost £11 million will be invested in the local area to unlock vital housing sites thanks to new Government funding.
Two local projects have secured just under £11m from the Government’s Housing Infrastructure Fund, which is designed to help unlock much needed new homes across the country. The news has been welcomed by the Cambridgeshire and Peterborough Combined Authority.
A total of £4.57m has been awarded to build the new Yaxley Loop Road. This 1.5km of single carriageway will enable the delivery of 5,350 new homes on this key site in Peterborough. Construction of the road, which will be designed and built by Peterborough Highways Services, is due to start in early 2019 and will take around 12 months to complete.
A further £6.3m has been allocated towards Land Assembly costs for the Soham Eastern Gateway scheme. At the moment, the site is not under sole ownership and a roundabout onto the A412 is needed ahead of the site access road to unlock a development site of 553 homes. This funding will help address these important matters.
Commenting on the funding announcements, Mayor James Palmer said:
“It is fantastic news that our area has secured almost £11m from the Government’s Housing Infrastructure Scheme for these two key schemes in Yaxley and Soham. We must keep relentlessly moving key infrastructure schemes and housing sites forward to ensure that our area has the homes and infrastructure it needs to thrive.
“Delivering new much needed homes across our local area is a key ambition for the Combined Authority, and this funding will help enable the delivery of nearly 6,000 new homes in the coming years. I look forward to seeing the work get underway as soon as possible.”
The funding is part of Government’s £866 million investment into housing projects across the country, designed to enable 300,000 homes a year to be built by the mid-2020’s.
The Combined Authority has submitted a bid to the Government’s Forward Funding scheme, with an announcement on funding allocations expected before summer.