Greater Manchester seeks to extend investment fund that has supported over 360 new homes in Stockport

Greater Manchester Combined Authority (GMCA) will look to extend the Greater Manchester Housing Investment Loans fund (GM HILF), which has supported delivery of over 10,000 new homes across the city-region.

In Stockport, GM HILF has supported delivery of over 360 new homes in the borough. Stockport Interchange, the town centre’s new transport hub on the site of the former bus station received £22.68 million in finance from the fund, as well as a £9.3 million equity investment, that have supported delivery of 196 apartments at the scheme. The Mailbox, the redevelopment of the former Royal Mail Sorting Office in the town centre, was also supported by £5.4 million in finance, bringing forward 117 new apartments to the town centre.

Since launching in 2015, GM HILF has approved £1.2 billion in loans and equity finance to housing developments throughout Greater Manchester and is on-track to exceed its target of supporting 10,000 new homes to be completed by 2028, with the City of Manchester being the greatest beneficiary of funds and new homes since its inception.

In its upcoming Spending Review, GMCA will now seek to extend the fund, due to expire in March 2025, to continue to support development of new homes in the city-region. The fund currently has £180 million still available to lend, and has not lost money, although some extensions to repayment terms with some developers have been made.

Amendments are also proposed for GMCA’s other core investment funds, which include enabling £20 million funding to support commercial property development in growth locations, and £15 million for social impact schemes. Proposals will be considered by GMCA’s Scrutiny Committee when it next meets on Wednesday 14th August.