Under plans set out in the Levelling Up White Paper, due to be published this week, derelict sites in towns and city centres will be transformed creating new homes, jobs and beautiful new communities across England.
Around £1.5bn cash will be released from April from the £1.8bn fund for brownfield regeneration promised by the Chancellor Rishi Sunak at the last Autumn spending review.
The Government will also reveal details this week of a £1.5bn Levelling Up Home Building Fund, first announced in 2020.
This will provide loans to small and medium-sized builders and developers to deliver 42,000 homes, most going outside London and the South East.
Levelling Up secretary Michael Gove, said: “We are on a mission to regenerate the nation, transforming derelict areas in our towns and cities into thriving places people are proud to live and work in.
“We are refocusing Homes England and empowering local leaders to support levelling up, delivering Kings Cross style transformational regeneration projects across the country – starting in Wolverhampton and Sheffield.
“This huge investment in infrastructure and regeneration will spread opportunity more evenly and help to reverse the geographical inequalities which still exist in the UK.”