Croydon Growth Zone will be focused around the central Croydon where housing and jobs can be delivered faster than any of the new garden city proposals.
As part of a new devolution deal, central government intends to grant Croydon the power to retain 50% of new town-centre business rates, and has awarded £7m to help underpin the delivery of a five-year infrastructure programme.
The £350m programme, being delivered by the council and its GLA partner the Mayor of London, is made up of 39 key projects, including transport, schools and community infrastructure, regeneration and public realm improvements, and support for small businesses.
Communities secretary Greg Clark said: “We’re devolving powers from Whitehall to town halls across the country, putting power directly in the hands of communities to shape the future development of their area.
“That’s why I’m pleased we are able to offer not just £7m to Croydon’s Growth Zone, but also the freedom to retain local business rates for the next quarter of a century. This will help to deliver the infrastructure and homes that are needed.
“I look forward to seeing for myself how this important investment can make a real difference to Croydon and the lives of local residents.”