The council made £14m from completed developments and is set to make a total of at least £21m once new developments are finished, reports Josh Mellor, Local Democracy Reporter
Levies on new developments in Waltham Forest brought in £14million in 2022/23.
Half the income came through the Community Infrastructure Levy (CIL), a fixed charge on developments that the council uses to fund local improvements such as station upgrades, park improvements, flood management and cycle lanes.
The majority of the other type of levy, known as Section 106, has been spent on council-led housing schemes, which includes shared ownership and social housing.
Income from new developments is even larger than the £14m Waltham Forest has already seen, as the council says it negotiated £21m through Section 106 agreements in 2023/24, but much of this will not be paid until developments are complete.
An annual report on levy income on new developments is due to go before Waltham Forest’s cabinet on 7th December.
CIL income reached a peak of £7m in 2022/23 and has brought in £30m since 2014/15.
The report says contributions from developers have funded “numerous tangible benefits” for the borough, including Sutherland Road Health Centre, Walthamstow Wetlands, cycle lanes, and other “public realm improvements”.
Major infrastructure projects funded by CIL include £9m to upgrade Leyton station, £2.6m towards Walthamstow Central station and £1.3m towards Fellowship Square, outside the town hall.
Waltham Forest’s infrastructure delivery plan for 2020-2035 sets out a range of other infrastructure improvements the council will fund or hopes to in the near future such as a new station at Ruckholt Road in Leyton, a new rail connection at the Hall Farm Curve which would link Chingford to Stratford directly and step-free access at St James Street Station.
For details of other priority infrastructure improvements, visit this link.