London mayor allocates £288m to four housing associations

Aaron Morby 4 years ago

Mayor of London, Sadiq Khan, has confirmed £228m of funding for four housing association to build almost 5,000 additional new affordable homes.

A2Dominion and Catalyst have also been named as new strategic partners with City Hall, meaning they are willing to build at least 60 per cent affordable homes on new developments.

The new partnerships bring City Hall’s strategic partners to nine – Clarion, Hyde, L&Q, Network, Notting Hill Genesis, Optivo, Peabody, A2Dominion and Catalyst.

Four new funding allocations

  • £114.4m for L&Q to deliver 2,000 new affordable homes.
    • £80m for the London BME consortium (led by L&Q) to deliver 1,000 new affordable homes
    • £57.2m for Optivo to deliver 1,000 new affordable homes
    • £22.3m for Catalyst to deliver 455 new affordable homes

    The additional funding allocations are from the £1.67bn secured from Government for London in the Spring Statement, and will go towards his target to start 116,000 affordable homes by March 2022.

    All of the 4,705 new affordable homes are due to start before March 2022, with 3,250 based on social rent levels and 1,449 London Living Rent or London Shared Ownership.

    A2Dominion now has an overall starts target of 2,184 affordable homes by March 2022. Catalyst now has an overall starts target of 1,671 affordable homes by March 2022.

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