EMS News - £1bn to kick start house building

Hundreds of Building Projects that have stalled in the recession are to be kick started with almost £1 billion of public money ,the Government is set to announce.

The cash is being targeted at developers and housing associations who can get developments back on track by the end of the year but cannot get funding from elsewhere.

Almost half the money will be in the form of loans,to be repaid in 5 years but Housing Minister John Healey insisted that the Government is not awarding developers 'a handout',there are tough terms attached to the deal.