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Stalled London housing schemes rescued - 13 August 2010

Developments that will deliver more than 500 affordable homes for London have received a boost by the Mayor Boris Johnson and the London Homes and Communities Agency (HCA).

Investment for 16 housing and regeneration schemes has been approved by the HCA London Board, chaired by the Mayor, and will deliver a total of 518 affordable homes to help meet London’s housing needs.

The schemes, originally included as part of the previous Government’s Housing Pledge, had been at risk because of funding uncertainties, but are now secure thanks to the commitment of more than £50m from the HCA and the Mayor.

The 16 projects consist of seven former ’Kickstart’ and nine local authority new build schemes. In total more than £51.7m of investment is being provided to support these projects from the London region budget.

Seven boroughs will benefit from funding to replace the former Kickstart programme, which will deliver 372 affordable units across the projects. Each scheme has been stalled since the credit crunch.

In addition, nine local authority new build projects being supported will provide 146 new rented homes for 665 people. Each scheme is expected to contribute to the Mayor’s target of 50,000 new affordable housing completions by March 2012. The majority of these developments will deliver a high percentage of large family sized homes which are in particularly high demand. One example is the Rollo Estate New Build in LB Wandsworth where three quarters of the 38 homes will be larger units for families. The schemes will also now be delivered at lower cost than originally forecast.

Today’s announcement concludes a lengthy process of assessing and negotiating improved value for money on many of the schemes. For the local authority new build schemes, more than £3.6m has been saved from the HCA’s London budget as a result of improved value for money negotiations.

The Mayor of London Boris Johnson said It is absolutely vital that we continue to deliver more better quality housing to meet London’s housing needs. This funding will provide a major boost to regeneration in the capital and deliver more affordable accommodation to help some of the most vulnerable households.

" Housing must remain a priority which is why we have rescued these schemes from the spectre of the credit crunch and delivered the cash needed to get construction up and running but at less cost to the public purse."

David Lunts HCA Director for London said " It’s great news that these stalled schemes will now go ahead. Despite the belt-tightening times, we have worked hard with our partners to find ways to make these projects better value for money and each will provide badly-needed new homes for Londoners."

The full list of schemes now approved for funding is as follows:

Skerne Road, LB Kingston, 10 homes to be built by Crest Nicholson with £365,778 funding
Leopold Estate, LB Tower Hamlets, 33 homes to be built by Countryside Properties with £1,062,000 funding
C2 Clapham Park, LB Lambeth, 105 homes to be built by Metropolitan Housing Trust with £9,103,000 funding
West Hendon, LB Barnet, 43 homes to be built by Barratt Metropolitan LLP with £1,576,967 funding
Hertford road, LB Hackney, 76 homes to be built by Metropolitan Housing Trust with £6,044,049 funding
Area 3 Canning Town, LB Newham, 37 homes to be built by Countryside Properties with £4,224,000 funding
Rathbone Market, LB Newham, 68 homes to be built by English Cities Fund with £13,848,000 funding
Dabbs Hill Lane, LB Ealing, 8 homes with £716,304 funding
Chester Balmore, LB Camden, 23 homes with £1,700,000 funding
Holly Lodge, LB Camden, 15 homes with £1,900,000 funding
Elmwood Avenue, LB Hounslow, 19 homes with £1,900,000 funding
Sheldrake Close, LB Newham, 6 homes with £1,096,550 funding
Holland Mews Garages, LB Waltham Forest, 12 homes with £1,645,000 funding
Rayner Garage Site, LB Waltham Forest, 10 homes with £1,400,000 funding
Rollo Estate New Build, LB Wandsworth, 38 homes with £3,629,000 funding (part of the next phase of their Hidden Homes programme)

A number of further schemes await further decisions.

Source: www.propertytalklive.co.uk

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