Lambeth council’s cabinet has agreed that local people and communities will have a greater say in how millions of pounds raised from developers will be used.
The current estimated development income across the whole of the Lambeth over the next 17 years is approximately £90 million.
The Community Infrastructure Levy (CIL) is a new charge that local authorities can raise from developers to pay towards infrastructure like schools, parks and transport. CIL rates are based on land values and other economic factors.
Lambeth’s cabinet has agreed that 25 per cent of available CIL receipts are to be allocated as neighbourhood funding – more than the government recommended rate of 15 pc.
Co-operative Local Investment Plans (CLIPs) will be prepared so local people will collaborate on how to make the best use of the money in their neighbourhood.
And the boundary of each CLIP will be defined to make sure the whole of the borough is covered. Major redevelopments are around Waterloo and Vauxhall.
A council spokesperson said: “This decision means that not only do communities stand to gain from development in terms of jobs and homes, they have a greater role in deciding how the CIL money is spent. “It means people can really shape their own neighbourhoods.”
The Lambeth CIL is expected to come into force later this year. (Source: Lambeth council press release)