HOUSE-BUILDING schemes designed to create 100 homes in Nottingham could be in line for a £3.6m cash boost, the Government has announced.

One plan to build around 50 homes in The Meadows could receive £1.1m, while a second to construct 50 properties in Wilford could get £2.5m.

In total the Government is preparing to hand out £925m to UK projects as part of its Kickstart programme – designed to push forward developments that have been delayed due to the recession.

Some Kickstart money will be given out as a direct grant – but the Government says that half of the national total will be handed over as loans which it expects to be repaid in the next five years.

Housing minister John Healey said: "We've pledged to use the power of Government investment to help Britain through the recession.

"This billion-pound Kickstart programme will get stalled building work back on track, create jobs and help build the quality homes we need.

"I want to see builders back on these sites within weeks, so I will be calling on successful developers to pull out all the stops, so construction can restart as quickly as possible."

The two Nottingham schemes were among hundreds across the UK that applied to be a part of the Kickstart programme and made it on to the final short-list for consideration for funding. A total of 270 projects have been listed – and there is no limit set to the number which could get funding.

The Meadows development, in Green Street, is headed by Blueprint Regeneration – a partnership of East Midlands Development Agency, English Partnerships and the private firm Igloo Regeneration.

Blueprint chief executive Nick Ebbs said the group had applied for the £1.1m grant after the Green Street development was held up by the downturn.

"We lost some time in moving the scheme forward when the value of houses fell as much as it did, as a result of the recession," he said.

"It meant the viability of the scheme was affected – but that's why we've been working to find ways to progress. We're doing everything we can to keep regeneration in The Meadows going.

"The Green Street project is a high priority – it hasn't been finalised that Kickstart will be the mechanism to make progress yet, but we are on the short-list."

The houses to be built under the plans will be for shared equity – where the resident can part-own the house – or for sale on the regular market.

Mr Ebbs said: "There is very little availability in The Meadows in the high-value market and that means at the moment people tend to move out of the area when they buy.

"Often, due to having friends or family in The Meadows, they would want to stay, so we're hoping that this development will provide the opportunity for that to happen."

Barratt Developments has applied for £2.5m under Kickstart to build properties in Wilford Place, in Wilford.

The Government will now start an assessment process, analysing whether the schemes represent good value for money and provide "quality homes" before giving final approval and laying out on what terms the money is being given.

Ministers said that those schemes that are the first to go through the assessment could see construction progressing within a matter of weeks.

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