Crest Nicholson has been given £2.3 million through the Get Britain Building scheme, heralding the first project to have been financed through this programme. The money will be used to release 100 homes on a stalled project in the south-east of Ashford, which has already been granted planning permission.
Permits to construct at least 1,000 houses and community facilities such as buildings for healthcare and sports and a primary school on the site have similarly been attained.
Stephen Stone, chief executive of Crest Nicholson, stated: “This funding allocation is not only great news in terms of the delivery of much needed new housing, but will also inject a welcome boost into local economies.”
Get Britain Building could unlock the construction of more than 15,000 new homes.
It has £570 million in its funds, which is earmarked to kick-start work on stalled building sites that have been given planning permission.
The coalition government set up the policy in order to address problems construction firms currently have in attaining finance.