Greater Manchester's Good Growth Fund has grown to £2.75bn following a fresh £500m injection from the National Housing Bank, alongside a new 'social contract' announced by Mayor Bev Craig.
The fund was launched in November 2025 with £1bn, aimed at supporting housebuilding, regeneration and transport projects across the region.
Fund expansion and project approvals
It has expanded with support from the Greater Manchester Pension Fund and National Wealth Fund, alongside Greater Manchester Combined Authority borrowing and devolved transport investment.
More than £1bn has already been approved for 44 projects across all ten Greater Manchester boroughs. These investments are supporting 5,600 new homes, including 1,047 social and affordable homes, and more than 2.3 million sq ft of commercial space.
In June, the fund was used to provide a £50m loan for plans to build Manchester's tallest skyscraper.
New social contract requirements
On Friday, Mayor Bev Craig announced a new 'social contract', meaning organisations receiving investment from the Good Growth Fund must promise to deliver wider community benefits alongside any new development.
The mayor said: "If you get public money, you should contribute to our communities, to make Greater Manchester better for everyone."
She added: "Through creating new apprenticeships and work placements and creating opportunities for local businesses, the impact of our investment will be felt locally for generations to come."
Recipient obligations and backing
The Greater Manchester Combined Authority said the new social contract will require all Good Growth Fund recipients to create new apprenticeships and work placements, recruit locally and support local supply chains.
Recipients will also need to join Greater Manchester's Good Employment and Good Landlord Charters, commit to standards for construction site culture, stick to high environmental standards, and engage meaningfully with local communities.
National Housing Bank chief executive Simon Century said: "This agreement, the first of its type in England, is supported by national and local expertise, backed with purpose-driven finance, and powered by regionally led ambition.
"It builds from strong foundations of successful collaboration with the mayor, local leaders, Homes England as the government's housing and regeneration agency, and the National Housing Bank, a Homes England company.
"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."
