Private developer finance for small developers

Meeting: 
MQT on 2017-12-14
Session date: 
December 14, 2017
Reference: 
2017/5010
Question By: 
Sian Berry
Organisation: 
City Hall Greens
Asked Of: 
The Mayor

Question

A constituent has asked, have you considered introducing a guarantee for private development finance to be made available to small developers building on sites which meet or exceed your target of affordable housing provision on each site in London?

Answer

Answer for Private developer finance for small developers

Answer for Private developer finance for small developers

Answered By: 
The Mayor

Development finance is provided by central Government, and £1.5bn was announced in the 2017 Autumn budget specifically targeted at SMEs who cannot access the finance they need to build. My Affordable Homes Programme also offers grant funding to developers of affordable housing - small developers interested in receiving funding for new affordable homes must be qualified as an investment partner, and details of how to do so are on the London.gov.uk website.