<p>More than £900 million has been earmarked for the New Homes Bonus over the next four years, with £200 million allocated in the first year. </p><p> </p> <p></p> <p>The Bonus is the incentive created by the government to encourage local authorities to build new homes - every new home built will attract an annual financial bonus for the local authority for six years equal to the annual council tax payable on that home. </p><p> </p> <p></p> <p>The money was announced as part of the chancellor's Comprehensive Spending Review. It is understood that the £900 million will be in addition to the central government grant to local authorities, but - as the amount of New Homes Bonus grows beyond this figure - the extra will be increasingly top sliced from the grant.</p>