Taylor Vinters - Solicitors

A number of stalled housing development projects have been shortlisted by the government for a share of a major cash injection.

Launched by housing minister John Healey, 270 projects have been added to a selection list which should see many benefit from £925 million of funding.

Projects will now undergo final assessments to decide which are eligible to receive financial backing, in a move that could create as many as 20,000 jobs through the development of around 22,400 new homes.

However, the government has also made it clear to property developers that any funding they receive will be subject to a number of strict terms.

Almost half the money will need to be repaid within five years, while more than a third will be given to local housing associations and similar bodies.

Steve Turner, head of communications at the Home Builders Federation, commented that all the shortlisted sites had to tick a number of boxes in order to be considered for the government's funding.

He said: "The money has got to be allocated in this financial year and the sites have got to be completed by the end of the next financial year, so clearly there is a keenness to get this money working as quickly as possible."