The Housing and Communities Agency (HCA) and the North West Regional Development Agency (NWDA) have pledged £84m to support housing and regeneration across Pennine Lancashire.

The HCA has signed a £64m Local Investment Plan with Pennine Lancashire’s PLACE chair, Mike Lee, and a separate Joint Investment Plan with the NWDA.

The HCA money covers property and regeneration funding, housing gap funding, pathfinder funding, National Affordable Housing Programme funding and Places of Change funding.

Deborah McLaughlin, regional director NW at the HCA, said: “The Local Investment Agreement that we have now signed off with our partners in Pennine Lancs will make sure that our investment is steered towards the area’s priorities and helps meet the housing aspirations and needs of the community.

“Agreeing it at the same time as the NWDA’s joint investment plan, which is a nationwide first – will provide clarity and direction for future regeneration and economic development. It has been achieved by close cooperation between partners and will bring about great benefits for local communities, including better and more affordable homes for local people.”

The £20m package of NWDA support includes money to support manufacturing, key sectors, innovation, enterprise, business finance and the low carbon economy, digital and physical connectivity, skills and education, and ‘place’ and physical regeneration.

Steven Broomhead, chief executive of the NWDA, said: "By agreeing joint priorities Pennine Lancashire has a stronger voice and a clearer way forward. The Joint Investment Plan signed today sets out what the partners' key objectives are, and how the NWDA will continue to invest for the benefit of the area.

"Pennine Lancashire has regionally significant sectors, including aerospace and advanced manufacturing, and potential to improve levels of skills and higher education. Along with improving digital connectivity and transport connections, and investing in physical regeneration, these four areas are key to securing the area's economic future.”

Councillor Mike Lee, chair of the PLACE joint committee said: “These agreements are a real step forward for Pennine Lancashire and further strengthen our commitment to partnership working for the benefit of the area.

“The funding will form part of our investment framework which will allow us to plan our priorities and developments where they will have a greater impact both on the economy and well-being of local people.

“Pennine Lancashire has real growth potential and with this commitment we can make an important contribution to the economy of the North West region.”