ALMOST £1million has been given to Rugby Borough Council via the Government’s New Homes Bonus scheme.
The sum - £893,255 - is a reward to the borough for building new homes and bringing older homes back to use and represents match-funding of the council tax raised through them.
So-called ‘affordable’ homes attract an even bigger bonus. New Homes Bonus incentive was created to boost housing and provide financial rewards locally.
The money will be spent across the borough budget.
Council leader Craig Humphrey said: “This can’t be described as new money for the council because we did expect some money, which is why housing growth was a big part of the council’s core strategy.
“That said, the money has given us a lot of flexibility in our budget and is very welcome. Financially we’re in a much better state than many council’s across the country and the fact we’re approving a new leisure centre this week is testament to that.”
The six-year long scheme could be a significant boost to borough finances as people start moving into homes on new estates such as the Gateway site near the M6.
Rugby MP Mark Pawsey has also welcomed the Government funding.
He added: “I’m delighted that in Rugby we enjoy the benefits of a progressive Council in it’s attitude toward new housing.
“In providing new housing we provide a stimulus to our local economy, we enable young people to find their first home, we help to preserve the future of our town centre, and now we are also able to obtain a grant at the same time.”