London will gain 800 new homes and see conditions of some of its most run down housing estates improve after winning £51.5 million of central government funding.
Eighteen London Boroughs bid for a share of the Estate/Area Renewal Fund which aims to improve existing council owned homes to increase the overall number of homes within the estate or area.
The money, which is expected to be bolstered by nearly £200m of private sector money plus other public sector funding of around £92m from London’s boroughs’ and the Housing Corporation, will be spent on regenerating homes on nine estates in London delivering 2,264 new homes of which 792 will be affordable, and improving all the other properties within the estate or area to the “Decent Homes” standard.
The bids were assessed by Mayor of London Ken Liviingstone using his new housing powers proposed by government in July. Mr Livingstone said “letting the elected Mayor decide where housing investment should be spent in London is absolutely right to ensure that funds are sensibly directed to where they are most needed.”
The Mayor said the funds would “provide much needed new homes as well as transforming some of London’s most neglected housing estates” and pledged that “once I have the full range of housing powers that are proposed I will be able to accelerate the delivery of new homes and renew the existing housing across our city.”