The nine "pathfinder" schemes and three areas of wider low demand are to receive £311m from 1st April to fund their work refurbishing properties, to improve the quality of housing stock and bringing people and services back into areas which had become disconnected with their neighbouring communities.
In addition, further funding of up to £35m will be made available to the schemes during the year if they fully meet their performance targets for delivery and show strong progress in delivering real change in communities.
Iain Wright said:
"The Pathfinders scheme is making a big difference in transforming local communities and housing markets in areas in need of regeneration. We remain committed to the programme - we are investing more than £2bn in those areas over 10 years.
"Pathfinders have built up significant intelligence on housing markets in their areas, and this will prove invaluable in helping to stimulate the local economy.
"In difficult economic times, it is vital that we focus more on achieving value for money for the taxpayer. Basing part of the Pathfinders' funding on their performance over the year provides a real incentive for these organisations to ensure they are focussed on delivering the maximum benefits for their local communities."
Director of Investment and Renewal at the HCA, Richard Hill, said:
"HMR Pathfinders are the best means for leading the response to tough housing market conditions in their locations. They are well placed to do this and we have seen significant achievements already in areas such as obtaining better value for public money, supporting first time buyers, investing in neighbourhood management and developing asset backed joint ventures. "
