The mayor of London has allocated an extra £490m to build 10,000 “genuinely affordable” homes in the capital.
The funds will be made available to 15 strategic partners of the Greater London Authority (GLA) and follows on from the announcement last month of £1bn for 11,000 new council homes.
Six bodies have been added to the GLA’s list to take the total up to 15. They include The Connected Partnership, The Guinness Partnership, Home Group, Metropolitan Thames Valley, One Housing Group and Swan Housing.
The Connected Partnership, an alliance between Octavia Housing, Shepherd’s Bush Housing Group and Origin Housing, is the first consortium to be approved as a GLA strategic partner.
Sadiq Khan has promised to build what he describes as “genuinely affordable” housing as an alternative to “affordable homes”, which are traditionally let or sold at 80 per cent of market rent.
The homes are aimed at Londoners on low or middle incomes, with rents set at lower levels.
According to the mayor, the total allocations now in place equal 105,000 affordable homes, against the target of starting 116,000 genuinely affordable homes by 2022.
Deputy mayor for housing & residential development James Murray said: “Together we now also need to make the case to ministers that government needs to step up and dramatically increase the funding available for affordable housing, and grant the mayor new powers to allow him to bring forward land and build the homes Londoners so desperately need.”
The new fund comes as the London Assembly’s housing committee criticised the mayor for the lack of affordable homes being built in the capital.
The committee stated that fewer than 5,500 affordable homes were completed in 2017/18, compared with an average of over 10,000 per year in the last decade.
Sian Berry AM said: “The mayor is letting down Londoners; he promised us more affordable housing but so far has fallen very short of his promises, particularly on social housing, which is our greatest need.
“With young and lower-income people suffering the most from the housing crisis, we can’t wait much longer for his policies to kick in.
“The mayor must fulfil his pledges. It is in his power to ease the housing crisis and meet his targets – especially as he has received new funding.”