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East Thames secures affordable homes funding

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East Thames secures affordable homes funding

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Published by Ashley-Rae for East Thames Housing Group in Housing and also in Central Government, Communities, Local Government

East Thames development in progress East Thames development in progress

East Thames’ new homes development programme was given a boost this week after they signed a contract with the Homes and Communities Agency (HCA) to secure £13.2 million of affordable homes programme funding.

The funding gives East Thames the go ahead to build 357 homes for social rent, shared ownership and affordable rent by March 2015.

As a leading east London housing and regeneration group, East Thames is already on track to deliver 2500 high quality affordable homes over the same period. This includes homes on some major regeneration projects such as the Ocean Estate regeneration in Stepney and Sutherland Road in Walthamstow.

East Thames director of development and asset management, Geoff Pearce said:
“This is great news for East Thames.  This funding will enable us to continue to build high quality affordable homes at a time when they are desperately needed.

“The new funding arrangement requires us to charge increased rent levels on new build and some re-let homes and we are speaking with the boroughs we work in about taking this forward.

“We’ve done research into what people on lower incomes living in our local areas can afford and have tailored our rents to remain affordable.

“As economic uncertainty remains across the nation we’re still in a stable financial position and remain ambitious to build even more affordable housing in East London and Essex.”

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