Regeneration Development Corporations
Previously, there were four types of development corporation: the New Town Development Corporation, the Urban Development Corporation, the Mayoral Development Corporation and the locally-led New Town Development Corporation. Each model reflected the time and circumstances when they were introduced, and thus had varying powers and remits.
	In October 2019, DLUHC launched a consultation on development corporation reform 6 to seek views on the legal framework for the operation of development corporations and to invite ideas on how it might be reformed. The responses to the consultation identified instances where the available models of development corporation do not provide the scope or powers required. For example, there is no model for the purposes of regeneration available to local authorities outside of Mayoral areas.
	This Act makes provision for a new type of Locally-led Urban Development Corporation, with the objective of regenerating its area and accountable to local authorities in the area rather than the Secretary of State. It also updates the planning powers available to centrally and locally-led development corporations, so that they can become local planning authorities for the purposes of local plan-making, overseeing neighbourhood planning and development management. This is to bring them in line with the Mayoral Development Corporation model. The Act amends the process for establishing Locally-led New Town Development Corporations, removes the cap on the number of board members and removes the aggregate limits to borrowing.