Under the Government's Housing Market Renewal programme, the Bridging NewcastleGateshead scheme will receive £95m over the next three years, and Tees Valley Living will receive a further £35m. This funding, combined with substantial private sector investment, will be used to regenerate these areas, largely through refurbishment of properties and environmental improvement, and also by demolishing properties and building new homes where appropriate.
Housing Minister Iain Wright said:
"The Housing Market Renewal Programme has been vital for restoring confidence in some of the most disadvantaged areas of the country. This substantial funding, together with increasing investment from the private sector and support from local authorities and others, will help the market renewal areas take forward their ambitious programmes to bring real change to places which only five years ago were facing decline and abandonment.
"This is a long-term programme, and there is still much work to do. The Pathfinder scheme has already made great progress in these areas, and this money will help bridge the gaps that still remain."
