Boris gets £3bn

The Government has agreed a funding settlement for housing and regeneration in London – the GLA will get £3bn.

From April 1, the Greater London Authority will take over the funding and management of London’s affordable homes programmes from the Homes & Communities Agency and the London Development Agency.

The £3 billion settlement announced by Communities Secretary Eric Pickles includes £1.9 billion of capital funding, £627.6 million under the affordable homes programme, £481 million for the Olympic Park and £390 million revenue funding.

Boris Johnson, Mayor of London, said: “We are now in a great position to drive forward vital investment that will deliver more affordable homes across the city”.

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