Carlton & Co, based on the Aycliffe Business Park, has submitted a bid to the Regional Growth Fund (RGF) for a project that will create jobs and provide much needed homes.
Carlton & Co has applied to the RGF for £10m to lever in £30m in private sector institutional investment with the aim of achieving a £100m portfolio within seven years.
A specialist regeneration company, it is seeking the funding to support the construction of 400 high quality, low carbon affordable homes in the North East.
This is supporting the Government’s housing policy of harnessing new forms of private institutional investment into affordable housing provision.
The funding would provide an important boost to the region’s construction industry creating more than 200 direct jobs and an additional 70 jobs within the supply chain.
Norman Peterson, Director of Carlton & Co, said; “We are cautiously optimistic about our round 3 funding application bid. With the uncertain future prospects for public sector subsidy it is imperative that we gain support for private sector funding.
“Our application aligns closely with the region’s identified housing objectives and would provide significant economic benefits arising out of the jobs created within the construction sector and throughout the supply chain. We await the bid decision with anticipation for a positive result.”
The RGF is a £2.4bn fund operating across England from 2011 to 2015. It supports projects and programmes that attract private sector investment to create economic growth and sustainable employment. The fund endeavours to assist areas and communities which were previously dependent on the public sector to make the transition to sustainable private sector led growth and prosperity.
The first two rounds of the RGF have been extremely successful allocating £450 million of funding in round one and a further £950 million in the second round. This funding will potentially deliver approximately 330,000 jobs across the UK.
