Mayor of London, Sadiq Khan, is offering increased grant rates to housing associations willing to build more affordable homes.
Housing associations will be offered £70,000 for each new home started for London Affordable Rent or below, up from the existing level of £60,000.
The increased rates are available for additional starts through to March 2022 over and above existing GLA allocations.
Paul Hackett, Chair of the g15, said:
“Higher grant levels are critical in enabling housing associations to build more of the affordable homes that Londoners need, so this £10k boost is welcome.
In the longer term it’s clear that grant rates need to continue to grow if we want to really unlock London’s affordable housing potential.
g15 members will be working with the Mayor’s team to help make the case for further investment in London’s affordable housing needs.”
The g15 has started over 11,000 new homes in the capital and South East over the past year.
The GLA’s official statistics show 12,526 genuinely affordable homes were started in London in the year to March 2018.