£77m for stalled regeneration schemes

Mayor Boris Johnson has promised a significant slug of funding to kick start stalled estate regeneration schemes.

A further £55 million will be invested to reduce homelessness, provide larger family homes and to maintain and improve social rented homes.

The £77 million will be used to kick-start programmes of estate and area regeneration that are ready to go but have stalled because of the credit crunch. Specific estates were not named in the announcement.

The funding is part of the Mayor’s London Housing Strategy which aims to deliver new affordable homes, and provide more sustainable routes to home ownership. It comes from the Homes and Communities Agency's £5 billion London housing budget that is being invested to deliver the Mayor’s housing priorities over the next three years.

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