§ 17. Ian StewartTo ask the Deputy Prime Minister and First Secretary of State what progress has been made in setting up a housing market renewal fund. [64170]
§ Mr. McNultyThe idea of a housing market renewal fund was proposed last autumn by the National Housing Federation, Key Cities Housing Group and the Northern Housing Forums, against a backdrop of severe housing market failure in parts of the country. We are considering the proposal in the context of the current spending review.
However, we are in no doubt that we must address the problem of low demand housing, which underlies the fund proposal. That is why we have invited nine areas, where the problems are most acute, to work with Government establishing pathfinder projects to tackle low demand. We are making available £25 million from the Capital Modernisation Fund to assist the pathfinder projects in vital preparatory work.