Mansfield District Council is urging developers and house builders to take advantage of a Government fund.

The Department for Communities and Local Government has launched a £525m Builders Finance Fund for builders working on 15-250 housing units who have faced difficulties in securing finance.

Government loans will be available with interest rates and the fund will focus on projects that can start or restart quickly.

The Homes and Communities Agency is running an open competition for the fund until 25th June.

Bidding will be open to all private organisations and it is hoped successful schemes will have contracts in place by February 2015.

Coun Derek Evans, portfolio holder for housing strategy and regeneration, said: “This is a very good opportunity for smaller house builders and developers who own land with planning permission in Mansfield to bid for funding.

“We are aware of several housing developments in the District that have received planning permission, but the applicants have not started building. If these schemes meet the criteria set out in the prospectus, this funding may help to kick start their developments and provide much needed housing.

“The council is happy to offer advice and guidance and discuss schemes with interested parties.”

For further information on the Builders Finance Fund, visit www.homesandcommunities.co.uk/ourwork/buuilders-finance-fund or email [email protected]