Social landlord allocated £2.5m for intermediate housing
Published by Max Salsbury for 24dash.com in Housing and also in Development, Local Government
Almost £2.5m has been allocated from the Mayor of London's £100m funding initiative to a social landlord for the development of intermediate housing.
A2Dominion will build a total of 70 homes for a range of tenures, including shared ownership homes, equity loans, and discounted rents to allow households to save for a deposit.
Doreen Wright, the HA's Group Development Director, said: “We are delighted to have been allocated these funds in order to provide more housing options for those looking to purchase their first home.
“At a time where it is increasingly difficult for house hunters to get onto the property ladder, we welcome this latest funding initiative to encourage the creation of homes in London.”
The £100m initiative will look to deliver around 3,000 homes, with approximately 1,700 funded through the Firstbuy scheme. The scheme lets people purchase new build properties with a five percent deposit and a loan from the Greater London Authority and developer.
Mayor Boris Johnson said: “There has been a fantastic level of interest in this new fund, which will help an additional 10,000 people make their way onto the property ladder on top of those already being helped through other programmes.”