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Darren Johnson AM, Chair of the London Assembly’s Housing Committee, has written to Mayor Boris Johnson to ask him to explain his decision to move £93.3 million from affordable housing programmes to the Mayor’s Housing Covenant.
The letter asks why the Mayor seems to be prioritising affordable home ownership over social and affordable rental housing, despite the GLA suggesting unspent funds from these programmes would be re-allocated to registered providers to deliver more of this type of housing. It also requests that the Mayor informs the Committee whether it plans to transfer any future funds.
The Mayor’s Housing Covenant[3] – a £118M fund set up to meet London’s housing aspirations for working people, including owning a share in a new home – will help Londoners with far higher earnings. While social and affordable tenants earn on average less than £13,000 per annum, the Covenant will deliver affordable home ownership option for households earning up to £74,000.