Mayor allocates funds to build 1000s more low cost homes for Londoners

22 July 2014

London boroughs and housing associations were today given a huge boost as the Mayor of London, Boris Johnson, allocated almost half a billion pounds to over 50 housing providers to build thousands of new affordable homes in the capital.

An additional £404m has today been allocated under the Mayor’s ambitious plans to increase house building, which also include funding for the London Housing Bank and Housing Zones as part of an overall £1.25bn package to deliver 45,000 affordable homes by 2018. Today’s allocations will see almost half of London’s boroughs run their own development programme with funding from City Hall and 11 housing associations running large scale construction programmes of over 500 homes each.

These latest allocations will unlock a total investment of £4.23bn into house building in the capital. Of the 54 providers receiving funding, Notting Hill Housing Trust have won the largest allocation with £59.3m to deliver 2,250 homes. Fifteen boroughs in all corners of the capital are also benefiting with Waltham Forest receiving £9.7m to deliver 387 homes, while in Lambeth 303 homes will be delivered with an investment of £10.9m. For the first time the Greater London Authority is also making an allocation to Grainger Trust, a significant private landlord active since 1912, which has been allocated £5.6m to deliver 195 homes.

In addition, the Mayor is taking forward five bids for a portion of a further £85m to establish an innovative revolving fund, that could see up to 5,000 homes built over a longer-period by ‘recycling’ investment. The revolving fund bids, including one from the Big Issue Invest and another from Mill Group, are part of the Mayor’s drive to attract wider sources of investment to support house building and develop longer-term funding packages with individual providers.

The Mayor of London, Boris Johnson said: “The only way to address the huge demand for housing and tackle the 30 year back log of under supply is to build more homes. We’ve worked closely with expert housing providers to ensure this funding will deliver much needed low cost homes across the capital. These latest funds, together with innovative measures to unlock land and development being pioneered by City Hall, will produce thousands more good quality affordable homes for Londoners to rent and buy. We will continue to work with the Government, developers and investors to drive forward and deliver the thousands of homes needed in the capital.”

The Mayor is on course to deliver more affordable completions this financial year than at any other point since 1980 as part of his pledge to build 100,000 affordable homes over two terms, with over 76,000 completed so far. Over this investment period, over 4,000 housing schemes will have been built with support from City Hall to deliver more affordable housing for Londoners.

Since taking on almost 700 hectares of surplus public land in 2012, the Mayor has already moved 87 per cent of it into development. There is capacity for thousands more homes on strategic public land across the capital, ripe for development, and the Mayor is lobbying the Government for increased powers to take sites forward far more quickly and create high quality and affordable homes hard working Londoners need.

 

 

Notes to editors

- The Mayor’s Housing Covenant 2015-18 Programme funding prospectus was launched in December 2013. For more information please visit: http://www.london.gov.uk/priorities/housing-land/increasing-housing-supply/mayor-housing-covenant-2015-2018

- This builds on allocations to 56 housing providers made in 2013/14 through the Mayor’s Housing Covenant Building the pipeline programme to deliver 6,000 affordable homes and secure up to 12,500 jobs. For more information please visit: http://www.london.gov.uk/priorities/housing-land/increasing-housing-supply/building-the-pipeline

- The Mayor’s First Steps scheme is one of many programmes the Mayor is taking forward to address London’s housing need, making it easier for Londoners to buy in the capital, and directing vast sums into the construction of new homes. Helping those who work hard to make the capital an economic success to buy their own homes also reduces pressure on London’s rental market.

- The 54 housing providers allocated received funding today are:

1. A2Dominion London Limited

2. Affinity Sutton Group Limited

3. Agudas Israel Housing Association Limited

4. Almshouse Consortium Ltd

5. AmicusHorizon Limited

6. Barnet Homes

7. Catalyst Housing Limited

8. Circle Anglia Limited

9. East Thames Group Limited

10. Estuary Housing Association Limited

11. Family Mosaic Housing

12. Grainger Trust Ltd

13. Hanover Housing Association

14. Haringey London Borough Council

15. Hexagon Housing Association Limited

16. Home Group Limited

17. Hyde Housing Association Limited

18. Islington and Shoreditch HA Ltd

19. Leicester Housing Association Limited

20. London & Quadrant Housing

21. London Borough of Brent

22. London Borough of Camden Council

23. London Borough of Croydon

24. London Borough of Ealing

25. London Borough of Enfield

26. London Borough of Greenwich

27. London Borough of Havering Council

28. London Borough of Hounslow

29. London Borough of Lambeth

30. London Borough of Lewisham

31. London Borough of Redbridge

32. London Borough of Tower Hamlets

33. London Borough of Waltham Forest

34. Major Housing Association Ltd

35. Metropolitan Housing Trust Limited

36. Moat Homes Limited

37. Network Housing Group Limited

38. Newlon Housing Trust

39. Notting Hill Housing Trust

40. Octavia Housing

41. One Housing Group Limited

42. Orbit Group Limited

43. Paddington Churches HA Ltd

44. Paradigm Housing Group Limited

45. Paragon Community Housing Group Limited

46. Peabody Trust

47. Poplar HARCA Limited

48. Sanctuary Housing Association

49. Southern Housing Group Limited

50. Swan Housing Association Limited

51. Thames Valley Housing Association Limited

52. The Guinness Partnership Limited

53. Viridian Housing

54. Wandle Housing Association Limited