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Khan hands out £1.7bn for 50,000 homes

The mayor of London has divvied out £1.7bn for almost 50,000 affordable homes in the capital.

Sadiq Khan named the housing associations and councils that would receive funding under the first tranche of awards from a fund announced at last year’s autumn statement.

London & Quadrant Housing was the biggest winner, receiving £394.7m for 11,610 homes. Peabody Trust secured £221m for 6,000 residential units.

At the other end of the scale, Lambeth & Southwark Housing Association will construct just four homes with the £240,000 it has been given.

In total, 49,398 homes will be built through the announced funding, by 44 housing associations and nine councils.  

17,500 of the homes will be for rents around social levels, and just under 32,000 will be for a combination of the mayor’s new London Living Rent and Shared Ownership.

The £1.7bn spent by the mayor comes from a fund of £3.15bn handed to him by the chancellor last November.

Mr Khan said today: “We know that solving the housing crisis is not going to happen overnight, but I very much welcome so many housing associations and councils matching my ambition by committing to build the new and genuinely affordable homes Londoners so desperately need.”

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