THE West Midlands Combined Authority (WMCA) has secured up to £500million to support housing and regeneration projects in the region.
The investment will offer greater flexibility to drive brownfield regeneration and give the WMCA unique powers to deliver affordable homes for residents.
Funding comes as part of the new Deeper Devolution deal, first announced by Government in Wednesday’s Spring Budget.
The monies will help local leaders further transform derelict industrial land into new homes, jobs and facilities for local people.
This unique deal will see £100m being invested through a single regeneration fund which will support WMCA to deliver 4,000 homes and a further £400m coming from Homes England through the affordable housing settlement for the region.
Andy Street, mayor of the West Midlands and WMCA Chair, said: “The new powers and up to £500m in funding set out in this Deeper Devolution Deal is a real vote of confidence in our past success and positions us well to build on this success in the months and years ahead.
“We can accelerate our agenda and do even more to provide local people with the affordable homes and access to opportunity that they deserve.
“We’re on target to build 215,000 new homes in the West Midlands by 2031 and we will continue to be ambitious in terms of how we advance housing propositions in town centres.”