AGMA/HCA agree second local investment plan

14 March 2011 17:25 Comments (0)

A new local investment plan has been agreed between the Association of Greater Manchester Authorities and the Homes & Communities Agency which aims to generate investment in housing and regeneration in Greater Manchester.

Since the first Greater Manchester local investment plan was agreed in December 2009, the HCA said the political and economic landscape has changed considerably, leading to new challenges to be overcome, such as reducing public sector resources. AGMA and the HCA said they remain committed to developing their partnership and tackling these challenges to ensure that the progress made in recent years continues.

The second local investment plan sets a new course, intended as a prospectus making the case for public and private investment in Greater Manchester housing and regeneration. The HCA said the plan is designed to help partners achieve more for less by:

Encouraging the development of new models of investment in housing and regeneration
Agreeing priorities across Greater Manchester so that focused investment can go further in delivering what local people need most
Achieving greater autonomy for AGMA to sign off on its investment priorities

Lord Peter Smith, chairman of AGMA, said: "Despite the squeeze on public resources, Greater Manchester needs to continue to work towards long-term economic prosperity, and the provision of new homes is essential to achieving that shared vision. Our second LIP explores new and innovative ways of attracting both public and private investment, and outlines the great challenges and opportunities we face within the current economic landscape. AGMA will continue to work closely with HCA, housing associations, developers and our other partners to maximise resources to provide much-needed homes for our residents."

Since Greater Manchester's first local investment plan, and the resulting local investment agreement between AGMA and the HCA signed in December 2009, the two organisations have secured investment totalling £35.5m, which will deliver 843 homes in Greater Manchester.

The HCA said the next local investment agreement is now in preparation and will continue the forward momentum and set out in more detail the respective roles of the two organisations in creating quality places for Greater Manchester's residents and supporting economic growth and prosperity.

The HCA added it will take account of its own evolving role, as well as the opportunities offered by developing the Greater Manchester local enterprise partnership, and combined authority, both to be fully in place from April 2011.

A document for the local investment plan can be viewed on the AGMA website.