A review-based agreement with the National Housing Bank gives Greater Manchester access to as much as £500 million for housing and mixed-use regeneration across the region, subject to project approvals.
The National Housing Bank, a Homes England company, and the Greater Manchester Combined Authority (GMCA) announced the arrangement Nov. 6. The bank provides financing for housing delivery across England. The new route is alongside the region’s separate Good Growth Fund. Proposals must fit the bank’s remit and pass due diligence, governance and approval reviews. The announcement named no projects and set no deployment timetable or terms for individual financing.
National Housing Bank Chief Executive Simon Century said the aim was to increase the pace of homebuilding and mixed-use regeneration in Greater Manchester. The bank described the arrangement as the first of its kind in England, citing earlier work in Victoria North and Stockport MDC. The announcement also noted that GMCA preceded other combined authorities in signing a Strategic Place Partnership with Homes England.
The Good Growth Fund launched in November 2025 with an initial £1 billion. In a Nov. 6 update, GMCA said more than £1 billion had been approved for 44 projects across the region’s 10 boroughs. The authority said those projects support 5,600 homes, including 1,047 social and affordable homes, more than 2.3 million square feet of employment space and 10 transport projects. The figures describe supported projects, not completed construction.
GMCA says the fund makes loans to help schemes advance and attract additional public and private financing, then reinvests repayments in later projects. Deputy Mayor Paul Dennett described the approach as using public investment to unlock complex sites and support social and affordable housing alongside transport, services and infrastructure.
Under a separate Good Growth Fund Social Contract, GMCA said recipients must provide apprenticeships and work placements, recruit locally, support local supply chains, meet environmental standards and engage with communities. The amount ultimately used under the National Housing Bank agreement will depend on individual project reviews.
