g15 secures funding for 42,000 affordable homes

g15 secures funding for 42,000 affordable homes

The g15 has been awarded £1.4bn to deliver 42,000 affordable homes in the capital by 2021. The grant funding has been secured through the first round of Mayor Sadiq Khan’s 2016-21 Affordable Homes Programme.

The homes will deliver almost half of the 90,000 new affordable homes pledged by the Mayor by 2021.

They will comprise homes for Shared Ownership, London Affordable Rent (based on benchmarks for affordability reflecting the ‘target rent’ cap for social rent) and London Living Rents (based on one-third of the median gross household income for the local borough). Around two thirds are either already under construction or relate to identified sites.

 

2016-21 Affordable Housing Allocations – g15

Organisation Name Homes GLA Funding Allocation
A2Dominion Homes 1,870 £80,776,000
Catalyst Housing Limited 1,216 £41,024,000
Clarion Housing Group 5,000 £168,300,000
Genesis Housing Association Limited 2,049 £70,712,000
Hyde Housing Association Limited 3,000 £102,000,000
London & Quadrant Housing 11,610 £394,740,000
Metropolitan Housing Trust Limited 704 £18,376,000
Network Housing Group Limited 1,752 £45,756,000
Notting Hill Housing Trust 5,321 £176,386,962
Optivo 2,600 £88,400,000
Peabody Trust 6,000 £220,973,768
Southern Housing Group Limited 601 £20,338,000
Total 41,723 £1,427,782,730

 

Paul Hackett, Chair of theImage: Paul Hackett g15 said: “The commitment from London’s housing associations is an unprecedented level of ambition to build the homes the capital needs. The partnership with the Mayor is the biggest London’s housing associations have ever committed to, reflecting the urgency of the housing crisis and our strong relationship with City Hall.”

Eight g15 members have now been announced as strategic partners of the GLA. L&Q, Hyde, Genesis, Clarion, Network, Notting Hill, Optivo, and Peabody will benefit from privileges including the ability to drawn down grant more flexibly. In return, each has committed to building new homes at scale and delivering at least 60 per cent affordable housing across their portfolio of sites.