North Devon Council is set to receive £306,778 extra this year through the New Homes Bonus.
Through the New Homes Bonus, the Government will match the council tax raised from new homes for the first six years, with a further bonus of £350 per year for each new affordable home. Empty homes brought back into use will also qualify.
The cash was announced on Monday, April 4, in the House of Commons and is new money over and above councils existing budgets. Local authorities are free to spend their money on anything they like, from Council Tax discounts for local residents, to reinvesting it in more new housing.
Nick Harvey, MP for North Devon, said: “This is great news for North Devon. The New Homes Bonus is a powerful incentive to get house building going again, and reward communities at the same time.
“This money will provide a much needed economic boost to our local area at a time when public finances are tight.”