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London mayor confirms £288M allocation for affordable homes

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London mayor confirms £288M allocation for affordable homes

London Mayor Sadiq Khan confirmed the allocation of £288 million to fund the development of 4,705 affordable homes, Property Wire reported Aug. 30.

The mayor confirmed the addition of A2Dominion and Catalyst as new strategic partners with City Hall. The allocation is meant for the two new partners as well as existing partners L&Q and Optivo.

Development of all the planned new homes is slated to commence before March 2022.

The initial bidding deadline is Sept. 30, and allocations to additional partners will be confirmed following the deadline. The new partnerships take City Hall's total strategic partners to nine. The other partners are Clarion, Hyde, Network, Notting Hill Genesis and Peabody.

The allocations are from the £1.67 billion Khan secured from Government for London in the Spring Statement, the report added.