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Mayor accused of failing to secure funding for homes

July 15, 2011 - Martin Hoscik@MayorWatch

Gavron has accused the Mayor of failing to secure the necessary funding
Labour has accused Boris Johnson of failing to secure the funding needed to tackle London’s housing shortage.

Earlier this week City Hall announced the Mayor had secured a “£1 billion a year affordable homes package” which is “worth over £4 billion for the capital”.

On Thursday Mayor Johnson described the funding agreement with Ministers as “a really good deal” which he said would “deliver high quality, affordable housing for around a quarter of a million Londoners.”

However briefing notes accompanying the press release reveal the settlement includes only £627m in new money. Labour says this represents “a cut to London of 87% compared with the previous funding round.”

Nicky Gavron, Deputy Mayor of London under Ken Livingstone, also says City Hall’s claim of £2.5bn “private investment” is in fact “borrowing by housing associations”, a funding model she describes as “not sustainable.”

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