Key Points
- GMCA and the National Housing Bank have created a framework which can raise up to £500m for housing and mixed-use regeneration across Greater Manchester.
- Government and GMCA claim that it is the first transaction of such kind in England.
- To make things clear, £500m is not a straightforward grant or transfer of funds from the National Housing Bank to GMCA. It is a framework that enables the National Housing Bank to invest in appropriate projects together with Greater Manchester’s Good Growth Fund.
- Projects should comply with the mandate of the National Housing Bank and pass through its standard process of due diligence, governance and approvals.
- Good Growth Fund has become worth of £2.75bn because of the involvement of the National Housing Bank.
- Up to now, there have been approved over £1bn for 44 projects across all 10 GM boroughs.
- These projects are expected to deliver about 5,600 new homes, including 1,047 social and affordable homes, as well as over 2.3 million sq ft of employment space.
- Social Contract was also established by GMCA which obliges Good Growth Fund applicants to offer apprenticeships, employ locally, support the supply chain, be environmentally friendly and engage with the community.
- Mayor of GMCA Bev Craig, National Housing Bank chief executive Simon Century, and Deputy Mayor Paul Dennett have all welcomed this deal.
- There is also a deal made with the British Business Bank to develop a shared investment, innovation and good growth strategy for the city region.
- Mayor of Greater Manchester Bev Craig, National Housing Bank chief Simon Century, and Deputy Mayor Paul Dennett have all welcomed this deal.
- There is also a deal made with the British Business Bank to develop a shared investment, innovation and good growth strategy for the city region.
Manchester (Manchester Mirror) November 9, 2026 – Greater Manchester and the National Housing Bank have agreed a landmark funding framework that could unlock up to £500m for new homes, affordable housing and mixed-use regeneration across the city region.
The agreement, announced by the National Housing Bank, Homes England and the Greater Manchester Combined Authority on 6 November 2026, is intended to increase investment capacity alongside Greater Manchester’s Good Growth Fund. It is the first agreement of its type in England, according to the Government’s official announcement.
The National Housing Bank, a Homes England company, will not automatically transfer £500m to GMCA. Instead, as reported by Inside Housing, the arrangement establishes a partnership framework through which the bank may invest up to £500m of capital in eligible housing and regeneration schemes in Greater Manchester.
For a project to receive support, it must align with the National Housing Bank’s mandate and undergo the bank’s standard due diligence, governance and approval procedures. The bank said the approach is designed to accelerate the delivery of homes and mixed-use regeneration schemes that work for communities across the region.
What the £500m means
The commitment expands Greater Manchester’s Good Growth Fund to £2.75bn. The fund was launched in November 2025 with an initial £1bn and has since received support from the Greater Manchester Pension Fund, the National Wealth Fund, GMCA borrowing and devolved transport investment.
As reported by Dan Whelan of Place North West, the National Housing Bank becomes the latest institution to invest in the fund, which supports regeneration, development and infrastructure projects across Greater Manchester. The fund provides a mixture of loans, grants and equity investment, with public money intended to help bring forward schemes and attract further private investment.
The National Housing Bank’s £500m commitment is additional capacity rather than a guaranteed allocation to a named list of schemes. The Government said the agreement “opens the door” for investment of up to £500m into projects alongside the Good Growth Fund.
Housing and regeneration pipeline
More than £1bn has already been approved for 44 projects across all 10 Greater Manchester boroughs during the Good Growth Fund’s first year. The GMCA said those projects are expected to deliver 5,600 new homes, including 1,047 social and affordable homes, alongside more than 2.3 million sq ft of offices, industrial sites and innovation space.
The funding is also supporting 10 transport projects intended to connect communities to jobs and unlock land for future development. According to GMCA, approved schemes include housing and regeneration in Manchester, Oldham, Rochdale, Stockport, Wigan, Salford, Trafford, Bury, Tameside and Bolton.
Three projects have so far received approved funding distributions totalling £61.1m, according to Place North West. These include a £17m equity investment in Glenbrook and M&G’s 362-home build-to-rent scheme at Whitworth Street West in Manchester, a £26m equity investment in Cole Waterhouse and HEIM’s 382-home scheme at Trafford Wharfside, and an £18.1m loan for Harworth’s 166,000 sq ft Wingates industrial development in Bolton.
Mayor’s Social Contract
Alongside the National Housing Bank agreement, Mayor of Greater Manchester Bev Craig announced a new Social Contract for organisations receiving Good Growth Fund investment.
Under the contract, recipients must create apprenticeships and work placements, recruit locally and support local supply chains. They must also join Greater Manchester’s Good Employment and Good Landlord Charters, meet standards for construction-site culture, maintain high environmental standards and engage meaningfully with local communities.
As reported by Inside Housing, Craig said: “If you get public money, you should contribute to our communities to make Greater Manchester better for everyone.” In the GMCA’s announcement, she said the contract is intended to ensure that public investment produces tangible benefits for residents, including good jobs, opportunities for young people and affordable homes.
Paul Dennett, Deputy Mayor of Greater Manchester and City Mayor of Salford, said the fund uses public investment to unlock complex sites and support more affordable, energy-efficient and accessible homes. He said the approach links investment to social-value expectations, including apprenticeships, environmental goals and accessibility needs.
National Housing Bank’s role
The National Housing Bank was launched by Homes England in April 2026 with a pledge to deploy £16bn in funding, including grants and loans, to support housing development. As reported by Inside Housing, the bank was unveiled by Housing Secretary Angela Rayner in June 2025 and launched by Homes England in March 2026, with an aim of deploying £16bn of debt, equity and guarantees to support 500,000 homes.
National Housing Bank chief executive Simon Century said the Greater Manchester agreement is supported by national and local expertise, purpose-driven finance and regionally led ambition. He said it builds on collaboration with the Mayor, local leaders, Homes England and local communities.
“Together we will aim to further accelerate the delivery of the new homes and mixed-use regeneration schemes across Greater Manchester that best work for communities now and in the future across the region,”
Century said.
Wider investment agreements
GMCA also announced a separate agreement with the British Business Bank to establish a shared approach to supporting investment, innovation and good growth across Greater Manchester. The agreement creates a framework for closer collaboration on funding, expertise and market engagement.
The GMCA said long-term advisory support from the National Wealth Fund has helped progress the electrification of the Bee Network bus fleet, supporting investment in transformational infrastructure. It also said the 2026 Budget announced hundreds of millions of pounds for Good Growth Funds in other parts of England, giving mayors and local leaders greater flexibility over local growth priorities.
Background of the development
The Good Growth Fund was launched in November 2025 with £1bn to support housing, regeneration, employment space and transport across Greater Manchester. It was established under former Greater Manchester Mayor Andy Burnham, according to Place North West.
The fund has since expanded through contributions from the Greater Manchester Pension Fund, the National Wealth Fund, GMCA borrowing and devolved transport investment. The National Housing Bank’s £500m commitment raises the total value of the fund to £2.75bn.
Greater Manchester had already signed the first Strategic Place Partnership with Homes England, and the new National Housing Bank agreement builds on earlier collaboration on projects including Victoria North and Stockport MDC. GMCA has also launched a Social and Affordable Housing Partnership, intended to give housing providers and councils a longer-term investment approach and support larger housing programmes.
Prediction: impact on residents and developers
For Greater Manchester residents, the agreement could increase the availability of funding for housing, town-centre renewal, transport links and employment space. The most direct benefit is likely to come through schemes that secure National Housing Bank investment, particularly those delivering social and affordable homes or regenerating underused sites.
For developers and housing providers, the framework may create a further route to finance for projects that meet the bank’s investment criteria. However, approval will not be automatic: each proposal must pass due diligence, governance and approval processes, and recipients of Good Growth Fund money will need to meet the new Social Contract requirements.
For local businesses and workers, the Social Contract could increase demand for apprenticeships, work placements, local recruitment and regional supply-chain participation on publicly supported developments. The scale of delivery will depend on which projects secure approval, how quickly sites can be brought forward and whether the additional capital succeeds in attracting private investment.
