The HCA has been instructed to use its expertise in land and property management to ensure that the assets are fully developed to help deliver economic growth and regenerate local areas. The HCA will establish local committees made up of representatives from business, local enterprise partnerships, local authorities and others to allow local communities to influence the development of local assets.
The RDAs are being scrapped.
Business and Enterprise Minister Mark Prisk said: “The transfer of RDA land and property assets to the Homes and Communities Agency underlines our commitment to making sure these assets are used to support economic growth and regeneration.
“Through local enterprise partnerships, the Regional Growth Fund and Enterprise Zones, we are putting in place an efficient and locally driven model of regional economic development that ensures government support goes to where it can have most impact.”
Baroness Hanham, Parliamentary Under Secretary of State at the Department for Communities and Local Government, said: “Our plans mean local partners will be able to work with the HCA to influence the development of the land and property assets previously owned by the RDAs, ensuring the economic and regeneration benefits have the best possible impact in their areas.”
Pat Ritchie, CEO of HCA, said: “We welcome today’s announcement, which effectively sets out a key role for the HCA working with local partners to deliver economic and regeneration benefits to local communities from RDA assets. This builds on our land and property expertise and our strong partnerships with Local Authorities to ensure value for money from those assets.”