HCA event

HCA budget cut by 10%

Bidders with stalled housing schemes in the North West were today left wondering if they will receive any gap-funding from the Homes & Communities Agency after the quango was hit in yesterday's spending cuts.

The HCA budget for this year will be reduced by an extra £220m on top of the £230m of immediate cuts announced on 25 May. A spokeswoman for the HCA said the £450m reduction equated to around 10% of the national budget in the current fiscal year.

The cuts were part of the £1.5bn of savings announced by the Treasury yesterday, including the freeze on the BSF pipeline for future projects not yet signed off.

The Homes and Communities Agency invested £617m in the North West during 2009/10.

A statement with details of affected schemes is expected from the HCA later today.

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