MD1351 Proposal to amend grant tranch payments for schemes with the Mayor's Housing Covenant Programmes

Type of decision: 
Mayoral decision
Code: 
MD1351
Date signed: 
16 May 2014
Decision by: 
Boris Johnson MP (past staff), Mayor of London

Executive summary

The current Mayor’s Housing Covenant programmes are expected to deliver almost 10,000 affordable homes in London through the allocation of £255m of grant to more than 60 investment partners. The existing programmes were allocated to in 2013 and the homes will complete by March 2017, with the majority complete by March 2016.

This paper outlines a proposal to adjust the payment method on schemes within Mayor’s Housing Covenant programmes. This will align the payment approaches of the different programmes, remove confusion for partners and provide increased incentive to partners to log starts promptly.

Part 1: Non-confidential facts and advice