Five Million Pounds Affordable Homes Boost

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Almost 250 affordable homes will be built by the council following a successful bid for more than £5 million of funding from the GLA.

The money comes from two pots of funding to help boost the amount of affordable housing across the capital.

The council has won £3.3 million from The Mayor’s Housing Covenant – Building the Pipeline fund, which will help build 208 affordable homes in the borough.

There is also £1.98 million available from The Mayors Care and Support Specialised Housing Fund to provide 36 new sheltered housing units at Hogarth Court and refurbishment 24 units at Frogley House.

Cllr Steve Curran, cabinet member for housing, planning and regeneration at the council, said: “We have ambitious plans that will create hundreds of new affordable homes for local families to enjoy for years to come.

 “At a time when the cost of living is rising beyond the means of many, we desperately need more housing, and this funding will help us to help local families and older residents who are struggling with the cost of paying for a roof over their heads.

“We are well on track to reach our target of getting 2,500 new affordable homes built or approved by 2014, giving thousands of local people the homes they need.”

Earlier in the year, the council agreed ambitious plans to invest £73 million on affordable homes across the borough.

The plans were drawn up after changes to Government policy last year mean the council now has control over the income it receives from its social housing stock.

The proposals include using £54 million from the housing revenue account – the income the council receives from its housing stock – to pay for 259 new affordable homes, 48 sheltered housing units and 50 hostel units. A further 224 affordable homes could be built if councillors agree to borrow a further £29 million.

The full report on the plans is available here

October 7, 2013