A new agreement between the National Housing Bank and Greater Manchester Combined Authority has unlocked up to £500 million for new homes and mixed-use regeneration projects.
This agreement is the first of its kind in England and will open the door for investment of up to £500m into projects alongside the Greater Manchester Good Growth Fund, which launched one year ago.
Mayor of Greater Manchester Bev Craig said: "Over the past decade Greater Manchester has grown faster than anywhere else in the UK. But not every resident or place has yet felt the benefit. We set up the Good Growth Fund to spread that growth to all of our places, so that no community is left behind.
"The progress we have made in its first year shows that we are delivering on that ambition. People can see new homes being built, town centres being transformed, new businesses opening up and new jobs being created – all made possible by the Good Growth Fund. But we can do more.
"Our Social Contract takes our commitment further – if you get public money you should contribute to our communities, to make Greater Manchester better for everyone. Through creating new apprenticeships and work placements and creating opportunities for local businesses, the impact of our investment will be felt locally for generations to come.
"Good jobs, opportunities for our young people, a home you can afford in an area and community you are proud of. These are all ingredients of good growth and the Greater Manchester I’m determined we can build."
National Housing Bank Chief Executive Simon Century said: "This agreement is supported by national and local expertise, backed with purpose-driven finance, and powered by regionally led ambition.
"It builds from strong foundations of successful collaboration with the Mayor, regional leaders, partners and local people who best know their region and what it needs to thrive.
"Together we will aim to further accelerate the delivery of the new homes and mixed-use regeneration schemes across Greater Manchester that best work for communities now and in the future across the region."
