£50 million for affordable homes in London

The Mayor of London has approved a £50 million investment to support the delivery of more than 500 affordable homes across the capital by March 2032.

The money will come from the Homes for Londoners Land Fund, a programme designed to accelerate housing delivery and increase the supply of affordable homes in London.

The Land Fund has already started more than 8000 new homes.

City Hall is to provide a £50 million loan to Peabody, one of the capital’s largest housing associations.

City Hall has also published funding guidance for the first £324 million round of the City Hall Developer Investment Fund, to be provided via the GLA’s Integrated Settlement.

The Mayor also recently announced an additional £1.5 billion package would be made available to London to provide low-cost loans for housing associations aimed at accelerating the construction of new social and affordable homes across the capital.

The Mayor of London, Sadiq Khan, said: “Delivering the homes Londoners need is one of my top priorities and I am determined to do everything in my power to increase the number of genuinely affordable homes in our city.

“This £50 million investment will unlock more than 500 new affordable homes, helping families across London access safe, secure and affordable places to live. By working in partnership with housing associations like Peabody and making use of available funding, we are accelerating delivery even in the face of significant challenges.

“But there is more to do. That’s why we are also launching the first phase of our City Hall Developer Investment Fund to help get more homes built faster.  We must continue to work together so we can build a fairer London for everyone, where all Londoners have the opportunity of a home.”

Ian McDermott, Chief Executive Officer of Peabody, said: “This funding will help us unlock the delivery of more than 500 affordable homes across London. For the people who will live in them, that means the security of a stable place to call home and the chance to stay connected to their families and friends, work, and communities. 

“Working in partnership with City Hall, the government and others allows us to plan with confidence and make the most of opportunities to build where homes are most needed. 

“This support will help us keep a strong pipeline of new homes coming forward - so more Londoners can find a genuinely affordable place to live in the neighbourhoods they know and value.”