The Homes and Communities Agency has agreed to provide £42 million to fund the development of affordable housing in the King’s Cross Central regeneration scheme.
Developer King’s Cross Central Limited Partnership will use the funding to help build up to 284 affordable homes over the next five years alongside open market housing.
The agreement for 284 homes provides:
- 205 affordable rented homes, including 79 with three bedrooms or more to accommodate larger families in housing need
- 55 “supported housing” dwellings, of which 40 will be specialist extra care housing for the elderly
- 24 shared ownership homes.
The new homes will be located next to the Regent’s Canal and will be sold to One Housing Group on completion .
The £42 million public funding package was approved by the HCA London Board, which is chaired by the Mayor, Boris Johnson.
In total King’s Cross Central has outline planning permission for 1,946 homes, of which 834 will be affordable homes.
The development will deliver further affordable homes in the future and the HCA will continue to work with its partners to deliver the later phases.