ODA signs off 拢269m agreement with Triathlon Homes to turn athletes' village into low-cost homes

A deal to turn part of the athletes鈥� village into affordable housing after the 2012 games has been signed off, Olympic organisers announced today.

The Olympic Delivery Authority said it had entered into final agreement for Triathlon Homes, a joint venture between First Base, Southern Housing Group and East Thames Group, to buy 1,379 homes.

The company will invest 拢268.7m in the purchase, which includes a 拢110m grant from the Homes and Communities Agency, equity from Triathlon and lending from a banking consortium.

ODA chairman John Armitt said: 鈥淐oncluding the affordable housing agreements is an important step and with construction work on site making strong progress, the project remains on track.鈥�

Bob Kerslake, HCA chief executive, added: 鈥淥ur funding means the olympic village will provide the widest possible choice of tenures to meet the diverse needs of residents of east London, an area that has been designated to support housing growth in the capital well beyond 2012.鈥�

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