Funding for developments, which will contain mix of homes for social and intermediate rent, shared equity and private sale, is part of plan to kickstart housing market
The Homes and Communities Agency's National Affordable Housing Programme will provide more than 拢32m for two major regeneration projects in Greenwich.
Just over 拢30m has been granted to the first phase of Kidbrooke, a regeneration project where 456 new homes will be created. The homes will be provided by Berkeley Homes and Southern Housing Group.
A further 拢2m was granted for the first phase of new housing delivered by Bellway Homes and London & Quadrant Housing Trust at Greenwich Peninsula. This funding will enable Bellway to start construction on the 229 homes that will be built at the Peninsula Riverside development.
This investment is part of the London programme to kick-start development activity during the housing market downturn.
These homes consist of a mix of social and intermediate rental, shared equity, discount market and private sale.
London mayor Boris Johnson, said: 鈥淭his further funding from London's housing budget will deliver more urgently needed affordable homes, create jobs to support the capital's economy during the downturn and transform the quality of life for thousands of Londoners.鈥�
David Lunts, HCA London's regional director, said: 鈥淥ur new approach to investment and the flexibilities we are working with mean that London will benefit from a supply of new and affordable homes in high quality environments. This development activity will also keep hundreds of Londoners in much-needed employment.鈥�
Work is planned to start on both sites by the autumn.
Redevelopment projects that have already benefited from HCA funding include Woodberry Down in Hackney, Holloway Road in Islington, Southwark's Aylesbury Estate and Hale Village in Haringey.
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