New developer levy to fund local infrastructure
A levy for new development, a first for Hackney, has been approved by the Council which will improve infrastructure, like schools and roads, throughout the borough.
At a Full Hackney Council meeting on Wednesday, the Community Infrastructure Levy (CIL) was approved. This will help raise significant amounts of money to fund important infrastructure projects such as schools and public realm improvements.
For new developments in Hackney the CIL will charge a rate per square metre of floor space. The rate charged will also be dependent upon the type and location of development being built.
The funding received from the CIL will be pooled by the Council and following consultation with local residents and businesses, money will be spent on community infrastructure projects such as new roads and cycling routes, green spaces, health and social care services, education facilities and many other areas. Spending from the CIL will be published in annual reports.
In addition to the CIL, Section 106 funding (S106) will still be used to help deliver affordable homes across the borough.
Hackney’s Community Infrastructure Levy will make a valuable contribution to the funding required to provide the local infrastructure that will support new development and growing communities.
The borough is experiencing a considerable amount of new development. As new homes and workspaces are built the need for new or improved infrastructure becomes a priority, ensuring that a decent quality of life is maintained for everyone as our community grows. The Levy can be used to help build many things such as schools, parks and open spaces, cultural facilities, health and social care facilities and transport infrastructure.