The Government has announced that Infinity Garden Village will benefit from Garden Villages Capacity Funding.
The £150,000 funding investment, awarded by Homes England, will help to fund new homes and employment opportunities in both Derby and South Derbyshire.
The new funding will bring the total Garden Villages Capacity Funding raised by Derby City Council and South Derbyshire District Council to over £0.5million, in addition to nearly £0.5million raised by the private sector.
The funding will help to enable the two Local Authorities and Derbyshire County Council, to continue to work with partners to deliver the project with extensive employment and housing benefits.
The project will create up to 4,750 new homes and around 5,000 new jobs, as well as four million square feet of new employment floor space and £1 billion Gross Value Added (GVA) to the local economy.
The next phase will see project partners seek funding through the Homes England’s Housing Infrastructure Fund, for creation of new highways infrastructure and a new primary school.
Councillor Matthew Holmes, Cabinet Member for Regeneration and Public Protection said:
“This is an important announcement from Government today and clearly demonstrates that there is a need for this project nationally. Subject to securing additional funding, this would ultimately create a new community in Derby and South Derbyshire and will greatly benefit our local economy.”
Housing Minister, Kit Malthouse MP said:
“We have not built enough homes in this country for the last three decades, and we are turning that around as we work towards our target to build 300,000 properties a year by the mid-2020s. This funding boost is the next step on the road to delivering 3,200 properties in Derby.”
Homes England and Government have issued £9million Garden Villages Capacity Funding to be shared by 21 development sites for locally-led creation of new garden towns and villages. This is expected to deliver 200,000 homes on large sites by 2050.