The Olympic Delivery Authority has signed the deal for Triathlon Homes to purchase 1,379 affordable homes from the post-Games Athletes’ Village.
The deal will see Triathlon – a joint venture set up by First Base and housing associations Southern Housing Group and East Thames Group – invest £268.7 million into the Village.
The investment includes a £110 million grant from the Homes and Communities Agency, equity from Triathlon Homes, and lending from a banking consortium.
After the Games, the Village will create 2,800 homes, of which Triathlon will buy 1,379 to make available as affordable housing. This will include affordable rented, intermediate market rented and part-rent part-buy homes, as well as shared equity housing.
The remainder of the homes being built for the Athletes Village will be funded through the public-sector funding package announced by the Government last month.
ODA chairman John Armitt said: “The Athletes’ Village will deliver the legacy of thousands of new homes for Londoners, and the affordable housing elements will ensure local people of all backgrounds can benefit from this world-class development.
“Concluding the affordable housing agreements is an important step and with construction work on site making strong progress, the project remains on track.”
Housing minister John Healey added: “This deal is a prime example of how housing will receive a real boost from the Olympics and how thousands of Londoners will benefit from all types of affordable homes.