Investment: Private Sector
The question
To ask the Secretary of State for Housing, Communities and Local Government, whether funding allocated to communities through the Pride in Place Impact Fund can be used as seed capital to support private sector investment in areas.
Answered by Miatta Fahnbulleh
The Pride in Place Impact Fund will provide £142.5 million of funding to 95 places to support the development of community spaces, public space and to revitalise our local high streets. This will enable immediate work to make sure that the places and spaces valued by communities are improved and matches the pride they feel for their local areas.
The purpose of the Pride in Place Impact Fund is to help restore pride to selected places, enhancing local identity and morale which in turn will draw in longer-term, sustainable private investment. Upgrades to community facilities and public spaces such as parks, playgrounds and piers will help improve health and well-being, bring people together and strengthen communities.
To maximise the impact of the Pride in Place Impact Fund and broaden its reach, local authorities are encouraged to explore opportunities to leverage funding and seek extra match funding for initiatives. This will help to unlock additional support and accelerate progress on shared priorities for local pride.
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