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Developer signs £30m 'affordable' housing deal with Lloyds

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Developer signs £30m 'affordable' housing deal with Lloyds

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Published by Max Salsbury for 24dash.com in Housing and also in Development

Over 3,600 new affordable homes planned Over 3,600 new affordable homes planned

A developer has signed a £30 million deal with Lloyds Bank to build 'affordable' housing in London.

A builder of intermediate housing for singles and couples in the capital, Pocket worked in partnership with the Greater London Authority to secure the deal, the first of its kind.

The deal follows the recent announcement that Pocket has been awarded a 10-year loan of £21.7m through the Mayor of London's Housing Covenant.

The new investment from Lloyds will finance the construction of new homes on land that the GLA’s loan has helped to unlock.

The majority of homes will be in Zones 2, 3 and 4, with the first anticipated to be ready for occupation in 2015.

Pocket estimates that over the next 10 years it will invest around £500m in delivering new homes, generating over 5,000 jobs.

Marc Vlessing, CEO of Pocket, said: “We are delighted that Lloyds Bank has chosen to back Pocket’s affordable housing programme with the GLA.

"The bank’s commitment and the agreement with the mayor’s office demonstrates the growing momentum behind Pocket and affirms the pivotal role the company will play in providing affordable housing for London’s hard working singles and couples who otherwise risk becoming priced out of the housing market.

“We are significantly scaling up our operations across London to help many thousands more Londoners own a home of their own outright. London is utterly unique in its demands. In order to sustain the city’s energy, we must ensure that there is suitable housing for the people who make London tick.”

Gabrielle Berring, from Lloyds, said: “Pocket’s development programme will provide a much needed boost to the capital’s affordable housing stock and creates investment that will support thousands of jobs over the next decade. It typifies the type of long term, growth-generative projects that we want to support through new development financing.

"We are looking forward to working in partnership with Pocket to provide any guidance, support and expertise we can offer to help realise its ambitions.”

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