Woking Borough Council has been awarded a major grant of £9,384,000 from the Government’s Housing Infrastructure Fund (HIF) to help fund the infrastructure costs for the approved Sheerwater Regeneration Scheme.
Woking was one of only two successful Surrey bids which were announced by Housing Secretary Sajid Javid and Chancellor Philip Hammond on 1st February. The Housing Infrastructure Fund is a government capital grant programme to help unlock new homes in areas with the greatest housing demand. Funding was split into two funding streams and awarded to local authorities on a highly competitive basis.
Woking’s bid was submitted to the HIF’s Marginal Viability Fund stream, which was available to all single and lower tier local authorities in England. Capped at £10m per bid, the fund provides a piece of infrastructure funding to get additional sites allocated or existing sites unblocked quickly.
Cllr David Bittleston, Leader for Woking Borough Council, said: “I’m delighted that the Council’s bid was successful. The bidding process was hugely competitive with the Government receiving bids comprising almost £2bn in value.
“This welcome financial contribution will further assist the significant infrastructure plans for Sheerwater Regeneration Scheme, which will provide high-quality new homes, improved green public space and connectivity, and superb new leisure and play facilities for the community.
Sheerwater Regeneration Scheme was granted planning consent by Woking Borough Council in July 2016.