Northampton Borough Council has been awarded almost £4 million in new homes bonus funding from the Government for the next financal year.
The £3,835,835 for 2015/16 has been given by the Department of Communities and Local Government to ‘ensure that those local authorities which promote and welcome growth can share in the economic benefits, and build the communities in which people want to live and work.’
However, the council will not decide exactly how to spend the money until it has received full details of its funding for 2015/16 and considered its budget in February.
In previous years, the new homes bonus has been used for various economy-supporting initiatives in the town, including free parking and the business incentive scheme, which has helped 36 businesses expand and created 120 jobs.
Councillor David Mackintosh, Leader of Northampton Borough Council, said: “This is a very welcome boost to our finances in the coming financial year and will support the prudent draft budget we announced last week.
“We need to wait until we know our full funding allocation from the Government before we decide how this money will be spent, but it will all go towards initiatives that will contribute to our continued regeneration as a town, to supporting communities and promoting economic growth.”