Notting Hill Housing (NHH) has been awarded £77.4m grant funding from the Greater London Authority (GLA) to bring 2,250 new affordable homes to London by 2018.
Notting Hill Housing's regeneration of the Aylesbury Estate, Southwark, is one of the schemes that will benefit from the 2015-18 Affordable Housing Programme funding.
The recent allocation includes £59.3m of Social Housing Grant (SHG) and an additional £18.1m from the Recycled Capital Grant Fund (RCGF). Of the 54 housing providers to receive SHG funding, NHH received the largest portion, reflecting the scope of its affordable housing goals.
NHH Chief Executive Officer, Kate Davies said, "I'm proud that we are a leading partner of the Mayor to meet new housing need in London. It is important that London remains a place where people on moderate incomes can find a place to live. Our mission is to provide more affordable homes for Londoners, and this contribution will help us continue to do that."
The funds will enable NHH to deliver 1,050 affordable rent properties (or in the case of the Aylesbury regeneration, target rent properties) and 1,200 shared ownership homes across London within the next five years.
The allocation, which was announced on Tuesday 22 July, is part of the latest Affordable Housing Programme (AHP), which falls under the greater Mayor's Housing Covenant (MHC) 2015-18. The MHC, totaling £1.25 billion, aims to tackle a huge demand for housing in London by delivering upwards of 42,000 new affordable homes to the capital.
NHH was a recipient of a comparable sum in the first AHP scheme 2011-15, which is now coming to a close.
