Budget 2021: Inheritance Tax frozen until 2026
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Last year the UK Government announced the investment as part of its ‘Brownfield Housing Trust’, an initiative to bring long term empty sites in the area back into use.
The fund forms part of the West Yorkshire Devolution deal.
The West Yorkshire Combined Authority, made up of five West Yorkshire Councils, has now agreed a draft funding agreement with the Government over how to deploy the investment.
A key condition of the plan states that “Projects must have an evidenced market failure and demonstrate that they cannot proceed without public sector financial support.”
The Authority will need to identify all potential development sites by June of this year, and work on the sites must begin before April 2025.
Brownfield sites refer to previously developed land, which is or was occupied by a permanent structure and can be costly to develop, particularly if previously used for industrial purposes, making many areas in most need of development unattractive to developers.