Mayor Sadiq Khan has set out proposals for a £3.15 billion housebuilding investment, generating around 90,000 'affordable' houses over the next five years.
In addition, the Mayor has outlined new planning rules; Supplementary Planning Guidance (SPG), to speed up development and boost 'affordable' housing numbers.
Most of the homes in the housebuilding programme will be delivered by housing associations, with the commitment to include a minimum of 50% 'affordable' homes. Other partners will deliver at least 60%.
Key features of the SPG includes;
• Set out a clear, consistent, and transparent approach to 'viability', the process through which a development's affordable housing contribution is assessed.
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• Offer developers a new quicker route through the planning process, removing the requirement for protracted viability negotiations if they meet a minimum 35 per cent affordable housing.
• Support new 'Build to Rent' developments, where institutions like pension funds invest in blocks of long-term private and affordable flats to rent.
Mayor Khan said: "These announcements today demonstrate real progress on the long road towards fixing London's housing crisis.
"The record-breaking investment I have agreed with government means we can start building a range of different affordable homes to suit Londoners' needs. Together with my new planning guidance, we can begin to boost the number of homes built in London and move towards a long-term strategic goal of half of all new homes being genuinely affordable."
Geeta Nanda, Chief Executive Officer (CEO) of Thames Valley Housing Association (TVHA), said: "The settlement for London is a great success and allows us the flexibility to build a range of homes for the very many people who are looking to us to deliver the housing solution. Not only is this important for those with dire housing needs but also for the economy.
"London needs its workers to be well housed for the economy to grow. At TVHA we look forward to working with the GLA to help plug the gap."
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