Greater Manchester’s Good Growth Fund has increased to £2.75 bn following a £500 mn investment from the National Housing Bank, providing additional capital for housing, regeneration and infrastructure projects across the city-region.
The National Housing Bank, part of Homes England, is the latest institution to back the fund, which was established by former Greater Manchester mayor Andy Burnham in 2025.
- The National Housing Bank has committed £500 mn to Greater Manchester’s Good Growth Fund, increasing its total value to £2.75 bn.
- Around £1 bn has been allocated to 44 projects with the potential to deliver 5,600 homes and 2.3 million sq ft of employment space.
- Greater Manchester has introduced a social contract requiring funding recipients to support local employment, apprenticeships and environmental standards.
The investment adds to existing contributions from national and regional institutions and comes as the Greater Manchester Combined Authority (GMCA) introduces new social requirements for organisations receiving financial support.
Good Growth Fund combines public and institutional investment
The fund has already attracted £500 mn from the Treasury-backed National Wealth Fund, available as debt financing, alongside a £300 mn contribution from the Greater Manchester Pension Fund.
Additional public capital comes through Greater Manchester’s integrated settlement and other funding sources.
The Good Growth Fund provides loans, grants and equity investments to help unlock development projects that might otherwise struggle to secure sufficient financing.
Its investment approach is designed to provide the minimum public support necessary to attract private capital, while allowing recoverable funding to be reinvested in future schemes.
Simon Century, Chief Executive of the National Housing Bank, described the agreement as the first of its kind in England.
This agreement, the first of its type in England, is supported by national and local expertise, backed with purpose-driven finance, and powered by regionally led ambition.
Simon Century, Chief Executive of the National Housing Bank
“It builds from strong foundations of successful collaboration with the Mayor, local leaders, Homes England as the government’s housing and regeneration agency, and the National Housing Bank, a Homes England company,” Century said.
He added that the partnership aims to accelerate housing delivery and mixed-use regeneration projects that meet the needs of communities across Greater Manchester.
Around £1 bn allocated to 44 development projects
Since November 2025, approximately £1 bn has been allocated to 44 projects across Greater Manchester.
Together, these schemes have the potential to deliver around 5,600 homes, including more than 1,000 social and affordable properties, alongside 2.3 million sq ft of employment space.
Of the total allocated funding, £61.1 mn has so far been approved for distribution to developers across three projects:
- Whitworth Street West, Manchester: A £17 mn equity investment supporting Glenbrook and M&G’s 362-home build-to-rent (BTR) development.
- Trafford Wharfside: A £26 mn equity investment for Cole Waterhouse and HEIM’s 382-home BTR scheme.
- Wingates, Bolton: An £18.1 mn loan supporting Harworth’s 166,000 sq ft industrial development.
The distinction between funding allocations and approved investments reflects the different stages of project development and financing.
New social contract introduces conditions for developers
To coincide with the fund’s first anniversary, the GMCA has introduced a social contract setting out additional obligations for organisations receiving public investment.
Recipients will be required to create apprenticeships and work placements, recruit locally and support businesses within regional supply chains.
They must also join the GMCA’s Good Employment and Good Landlord Charters, adopt clear standards for construction site culture, maintain high environmental standards and engage meaningfully with local communities.
The requirements are intended to ensure that public investment generates wider economic and social benefits alongside housing and commercial development.
Greater Manchester Mayor Bev Craig said organisations receiving public funding should contribute directly to their communities.
Our Social Contract takes our commitment further – if you get public money you should contribute to our communities, to make Greater Manchester better for everyone.
Greater Manchester Mayor Bev Craig
“Through creating new apprenticeships and work placements and creating opportunities for local businesses, the impact of our investment will be felt locally for generations to come,” Craig said.
Craig also highlighted the importance of affordable housing, employment opportunities and neighbourhood development.
Good jobs, opportunities for our young people, a home you can afford in an area and community you are proud of. These are all ingredients of good growth and the Greater Manchester I’m determined we can build.
The expanded fund will continue supporting housing, employment and infrastructure schemes, with developers expected to demonstrate both project viability and measurable benefits for local communities.
