Mayor of London announces £1.7bn injection of cash for affordable homes

The Mayor of London has struck a £1.7bn deal with councils and housing associations to build 50,000 new affordable homes.

It forms part of his target to help fund 90,000 new affordable homes by 2021. The investment comes from a £3.15bn affordable homes fund that the Government devolved to the the capital last year.

Around a third will be social housing, and the rest will be a combination of shared ownership and the 'London living rent', which is one-third of average local gross household incomes and is aimed at those saving for a deposit.

This is also crucial investment for housing associations, which include L&Q, Hyde, Genesis, Clarion, Network, Notting Hill, Optivo, and Peabody.

 

Read the full article here : https://www-telegraph-co-uk.cdn.ampproject.org/c/www.telegraph.co.uk/business/2017/07/13/mayor-london-announces-17bn-injection-cash-affordable-homes/amp/

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Mayor of London announces £1.7bn injection of cash for affordable homes