Milton Keynes and Sheffield have been awarded funding of £1.4m to develop proposals to unlock a significant number of homes through the New Development Corporation Competition (NDCC).

The government initiative, designed to develop locally-led proposals to accelerate economic growth opportunities, will help kickstart the delivery of thousands of new homes.

Milton Keynes will receive £665,000 to help explore how a locally – led development corporation can support the delivery of up to 60,000 homes by 2050 and create economic opportunities to support 50,000 to 90,000 jobs over the next 30 years.

Meanwhile, Sheffield will receive £763,000 to explore an innovative delivery mechanism to enhance economic opportunities in the region whilst delivering 8,000 homes and creating up to 4,000 jobs by 2040.

This latest funding follows on from £2.8m awarded to Carlisle, Exeter, Tewkesbury and the Wirral to develop proposals for innovative delivery vehicles such as development corporations to deliver transformational regeneration or housing delivery in the areas of the country where it is needed most.

Housing secretary Robert Jenrick said: “We’re levelling up the country and supporting local councils to put in place innovative and exciting proposals which will help regenerate our much-loved towns and cities.

“I’m delighted to award the latest funding from the New Development Corporation Competition to Sheffield and Milton Keynes – two areas with huge potential for economic growth.

“Both proposals will help deliver the new homes this country needs and create new jobs for people in the local area.”