The Mayor, Sadiq Khan, has secured over £3bn from the Government to help start building at least 90,000 affordable homes by March 2021. This will help Londoners who would otherwise struggle to rent or buy, and forms part of Homes for Londoners - the Mayor’s work to tackle London’s housing crisis.
Homes for Londoners: Affordable Homes Programme 2016-21
The Mayor published his 'Homes for Londoners: Affordable Homes Programme 2016-21' funding guidance in November 2016. This will help housing associations, community groups, London Boroughs and private developers to build new affordable homes in London. It explains how to get funding from the Mayor and any rules that apply.
The types of affordable homes the Mayor is funding include:
- London Affordable Rent - for people on low incomes
- London Living Rent - helping Londoners on average incomes save for a deposit to buy their first home
- London Shared Ownership - for people who want to buy but can't afford the open market
Funding is available to local authorities and registered providers (housing associations) who have Investment Partner status with the GLA. Bids must be submitted through the GLA’s Open Project System (OPS), which is open for continuous bidding.
Find out more about becoming a GLA Investment Partner.
On 13 July 2017, the Mayor announced funding allocations following the initial bidding round. The allocations will see an estimated £1.7bn invested in 49,398 genuinely affordable homes being built, with new homes in all London boroughs and the City of London.
Each of the three funding routes has its own funding agreement, with variants for provider type. The funding agreements are in a standard form and not subject to negotiation. The GLA will arrange for engrossments to be sent out to successful partners.
Approved Provider Route
- AP Contract for Private Registered Providers (Not for Profit)
- AP Contract for Local Authorities
- AP Contract for Private Registered Providers (For Profit)
- AP Contract for Consortiums (applicable for PRP’s Not for Profit and Local Authorities) – to follow shortly
- NG Contract for Private Registered Providers (Not for Profit)
- NG Contract for Private Registered Providers (For Profit)
- NG Contract for Local Authorities