Twenty seven house builders, councils and housing associations shared £78m to build 3,000 homes across London supporting around 6,000 jobs in construction.
Taylor Wimpey and Redrow both secured £6m to help deliver around 256 new homes, followed by Berkeley Homes and Countryside receiving around £2.6m.
The homes will offer flexible ownership options, including low-interest equity loans, ‘rent-to-save’ and ‘part-buy-part-rent.’ A further round of allocations for the remaining funds will be confirmed next month.
In total £100m will be released as part of the Mayor’s Housing Covenant, which sets out how he will stimulate housing supply and make the market work better for low and middle income earning Londoners.
Johnson, said: “There has been a fantastic level of interest in this new fund, which will help an additional 10,000 people make their way onto the property ladder on top of those already being helped through other programmes.
“There is still much more that must be done to continue to boost house building in London, and I will continue to push for a fairer funding deal which puts us in an even stronger position to meet the challenges that lie ahead.”
News of the Mayor’s first funding allocations comes after he recently called upon the Coalition Government to allow London to retain all stamp duty receipts raised on its property sales, estimated to be worth £1.3bn a year, to ensure it can build the one million homes that London will need by the mid 2030s.
The Mayor’s proposal would give the capital a more stable income stream to create a 25 year plan that will not just solve its housing needs, but create hundreds of thousands of long-term jobs and give a massive boost to its economy, benefiting the whole of the UK.
It would also ensure that revenue generated from London’s buoyant housing market was used to address problems caused by unaffordable housing.